B U L L E T I N

DECEMBER 2023

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various 

other Federal program agencies. 

The publication staff can be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF 

format through the Bureau of the Fiscal Service’s home page. 

www.fiscal.treasury.gov 
Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 1

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................. 11 

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 12 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 14 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 14 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 15 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 16 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 18 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 20

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 21 

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 25 

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 31 

FD-1—Summary of Federal Debt ....................................................................................................................................... 32 

FD-2—Debt Held by the Public .......................................................................................................................................... 33 

FD-3—Government Account Series .................................................................................................................................... 34 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 35 

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 36 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 37 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 38

FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 40 

TREASURY FINANCING ................................................................................................................................................. 40 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 53 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 54 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 56 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 57 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 58

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 59 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 59 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 60

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 
Table of Contents 

Introduction—Foreign Currency Positions .......................................................................................................................... 62 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 63 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 64 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 64 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 65 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 66 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 66 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 67 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 68 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 68 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 69 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 70 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 70 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 71 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 72 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 72 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 73 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 74 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 74 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 75 

ESF-1—Balance Sheet ........................................................................................................................................................ 76 

ESF-2—Statement of Net Cost ............................................................................................................................................ 77

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 79 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 79

GLOSSARY ........................................................................................................................................................................ 80

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding;

n.a. = Not available. 
Nonquarterly Tables and Reports

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports

are listed below along with the issues in which they appear.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Internal Revenue Receipts by State................................................................................................. √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports..................................................................................................................... √

Special Reports

Financial Report of the United States Government excerpt................................................................ √ ............

Trust Fund Reports:

Agriculture Disaster Relief Trust Fund................................................................................................ √ ...

Airport and Airway Trust Fund ................................................................................................ √ ..............

Black Lung Disability Trust Fund................................................................................................ √ ...........

Harbor Maintenance Trust Fund................................................................................................ √ .............

Hazardous Substance Superfund................................................................................................ √ .............

Highway Trust Fund ............................................................................................................................... √

Inland Waterways Trust Fund................................................................................................ √ .................

Leaking Underground Storage Tank Trust Fund ................................................................ √ ....................

Nuclear Waste Fund................................................................................................................................ √

Oil Spill Liability Trust Fund................................................................................................ √ ..................

Patient Centered Outcomes Research Trust Fund................................................................ √ ...................

Reforestation Trust Fund ................................................................................................ √ ........................

Sport Fish Restoration and Boating Trust Fund................................................................ √ ......................

United States Victims of State Sponsored Terrorism Fund ................................................................ √ ....

Uranium Enrichment Decontamination and Decommissioning Fund................................ √ .....................

Vaccine Injury Compensation Trust Fund ................................................................√..............................

Wool Research, Development, and Promotion Trust Fund................................................................ √ .....
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
Profile of the Economy 

(Office of Macroeconomic Analysis) 

November 16, 2023

Introduction 

The U.S. economy posted robust growth in the third quarter, amid tight, but cooling, labor 

markets and easing inflationary pressures. Real GDP growth more than doubled in the third 

quarter, while employment growth accelerated from June to September. Although job growth 

slowed to150,000 in October, the pace remains sufficient to keep the unemployment rate 

relatively low and stable—though the headline unemployment rate has moved up recently, owing 

to improved labor force participation. Meanwhile, inflation has trended lower this year through 

October. The headline inflation rate (as measured by the consumer price index, or CPI) has 

dropped by nearly 6 percentage points from its peak in June 2022 through October 2023, 

reflecting energy price deflation and food price disinflation. In addition, core inflation has eased, 

largely reflecting drag from core goods prices. 

Economic Growth 

Real GDP growth accelerated to 4.9 percent at an annual rate in the third quarter, picking up 

smartly from a 2.1 percent gain in the second quarter and the fastest pace of growth since late 

2021. Robust growth in consumption and an upturn in private inventory investment propelled 

the acceleration, along with increased contributions from total government spending. 

GDP can be decomposed into four major components: (1) private domestic final purchases 

(PDFP), the most persistent and stable components of output, including personal consumption, 

business fixed investment, and residential investment; (2) government consumption and 

investment; (3) net international purchases; and (4) intermediate demand (or the change in 

private inventories). Examined separately, each component delivers specific information about 

activity in various sectors that can be useful in predicting the future path of growth. 

PDFP is an especially important component of GDP: it measures the private sector’s capacity to 

drive self-sustaining growth and, therefore, can signal the direction of future economic 

performance. In the third quarter, real PDFP growth accelerated to 3.3 percent at an annual rate 

and contributed 2.8 percentage points to total GDP growth. Changes in the components of PDFP 

were largely positive. Personal consumption expenditure (PCE) growth quintupled to 4.0 percent 

in the third quarter, as resilient households increased their spending in all categories of 

consumption. Spending on durable goods growth accelerated to 7.6 percent in the third 

quarter—with automotive purchases accounting for about half of the swing in the contribution 

from durable goods—while nondurable goods consumption rose by 3.3 percent. Meanwhile, the 

pace of growth in consumption of services more than tripled to 3.6 percent in the third quarter, a 

pick-up largely due to three service sectors: housing and utilities, food services and 

accommodations, and other services. 

The second piece of PDFP—business fixed investment (BFI)—declined slightly in the third 

quarter, as spending on equipment fell and the pace of structures investment slowed. Equipment 

1
investment has fluctuated widely in recent quarters, decreasing by 3.8 percent in the third quarter 

after a 7.7 percent gain in the previous quarter. The decline in spending on equipment mostly 

reflected a reversal in investment in transportation equipment. Although investment in structures 

slowed to 1.6 percent growth from double-digit surges in the first half of the year, factory 

investment continued to increase. Meanwhile, investment in intellectual property products (IPP) 

remained positive for the thirteenth consecutive quarter, growing by 2.6 percent in the third 

quarter. Nonetheless, investment in this category has slowed substantially in recent quarters. 

The final component of PDFP—private residential investment—registered growth in the third 

quarter for the first time since early 2021. In the third quarter, residential investment rose 3.9 

percent, following a 2.2 percent decline in the previous quarter. The upturn was largely driven 

by permanent site construction of single-family and multi-family structures. However, spending 

on other structures, a category that includes brokers’ commissions and home improvements, 

declined in the third quarter, likely reflecting exceptionally low existing home sales and limited 

inventories amid high interest rates. 

Two of the other three components of GDP made positive contributions to third quarter growth. 

Total government spending growth accelerated noticeably in the third quarter, rising 4.6 percent 

after a 3.3 percent gain in the previous quarter. Federal expenditures advanced 6.2 percent—

reflecting a faster pace of federal spending growth on national defense—while the growth rate of 

state and local government spending eased to 3.7 percent. Meanwhile, the change in private 

inventories (CIPI), which can exhibit wide swings from quarter to quarter, added 1.3 percentage 

point to real GDP growth in the third quarter, after having a neutral impact in the second quarter. 

The stronger contribution reflected stronger inventory growth among manufacturers and retailers 

as well a slower drawdown in wholesalers’ inventories. 

Meanwhile, international trade was a net negative contributor to real GDP growth in the third 

quarter, as import growth outweighed the increase in exports. This was the first quarter since 

early 2022 in which net exports posed a drag on GDP growth. The net export deficit increased 

by $9.5 billion in the third quarter at -$937.7 billion, subtracting 0.1 percentage point from third 

quarter GDP growth. Total exports of goods and services grew 6.2 percent at an annual rate 

while total imports grew by 5.7 percent. 

2
Growth of Real GDP 

(Quarterly percent change at annual rate) 

Labor Markets and Wages 

Labor markets have remained tight thus far in 2023, but signs of easing are building. The pace 

of job creation averaged 257,000 per month in the first half of this year, slowed to an average 

233,000 per month in the third quarter, and eased further to 150,000 in October. Nonetheless, 

this pace of job creation remains sufficient to maintain a stable unemployment rate with a 

constant labor supply—though the latter has gradually improved this year, leading to a higher 

unemployment rate. After dropping to a 54-year low of 3.4 percent in January 2023 and again in 

April, the unemployment rate subsequently has trended higher. In the third quarter, the 

unemployment rate averaged 3.7 percent and stood at 3.9 percent as of October. Similarly, the 

broadest unemployment rate—which includes those working part-time for economic reasons and 

those marginally-attached to the labor force—has risen to 7.2 percent in October, noticeably 

above the record low of 6.5 percent set in December 2022 (series dates from 1994). 

The imbalance between labor supply and demand in the economy has continued to improve this 

year, albeit slowly. Labor force participation rates (LFPR) for all workers, as well as prime-age 

(ages 25-54) workers, have trended higher thus far in 2023. Between March and July 2023, the 

headline LFPR held steady at 62.6 percent—its highest level since March 2020—but moved up 

to 62.8 percent in August and September before ticking down to 62.7 percent in October 2023. 

Among prime-age workers, the LFPR has surpassed the pre-pandemic high of 83.1 percent since 

April, peaking 0.4 percentage points higher in three of those months, and stood at 83.3 percent as 

of October 2023. Even the participation of workers aged 55 and over has moved up sharply in 

3
recent months, rising from 38.3 percent in July 2023 to 38.8 percent in August and September, 

before stepping down to 38.6 percent in October. Even so, the latter is 1.7 percentages points 

below the 40.3 percent rate posted in February 2020, largely due to demographic pressures as 

Baby Boomers retire. In addition to increased labor supply, demand for labor is slowly 

normalizing. The number of job openings and the vacancies rate have each trended down since 

March 2022; as of September 2023 (latest available data), there were 1.5 job openings per 

unemployed worker, the lowest ratio since September 2021. This lower ratio (fewer jobs per 

unemployed worker) signals improving balance in labor markets. 

Measures of wage growth in the private sector show a gradual slowing. Average hourly earnings 

rose 4.1 percent over the twelve months through October 2023, gradually slowing from the 5.9 

percent peak in March 2022. After adjusting for inflation, real average hourly earnings were up 

0.8 percent over the year through October 2023, partly reversing the 2.7 percent decline in real 

wages over the year-earlier period. An alternative measure of wage growth, the Employment 

Cost Index (ECI), also suggests that wage pressures moderated in the third quarter. (The ECI 

controls for employment shares among industries and occupations, making it a better reference 

for wage growth.) Over the four quarters through September 2023, the ECI for private sector 

wages and salaries grew 4.5 percent, slowing from the previous year’s four-quarter pace of 5.2 

percent. On a quarterly basis, after slowing dramatically in the second quarter, wage growth in 

goods-producing industries picked up to 3.3 percent (annual rate) in the third quarter. 

Meanwhile, wage growth in service-providing industries slipped to 4.3 percent in the third 

quarter, following four consecutive quarters of stable growth around 4.6 percent. 

Payroll Employment

(Monthly average for year shown and monthly amounts, in thousands)

4
Unemployment Rate

(Percent)

Nonfarm Productivity of Labor 

Nonfarm productivity growth accelerated in the third quarter, as output growth offset a small 

increase in worker hours. Productivity growth was up 4.7 percent at an annual rate in this year’s 

third quarter, following a 3.6 percent rise in the second quarter. The third-quarter gain—which 

was the fastest since the third quarter of 2020—reflected a 5.9 percent advance in output that was 

partly countered by a 1.1 percent increase in worker hours. Over the four quarters through the 

third quarter of 2023, productivity was up 2.2 percent, the second consecutive four-quarter 

increase. This back-to-back advance followed five consecutive twelve-month declines. 

Nominal hourly compensation costs in the nonfarm business sector rose 3.9 percent at an annual 

rate in the third quarter of 2023, decelerating from the 6.9 percent pace in the second quarter. 

Compensation costs rose by 4.2 percent over the four most recent quarters, picking up from the 

3.9 percent, year-earlier pace. Growth of unit labor costs, defined as the average cost of labor 

per unit of output, decreased by 0.8 percent in the third quarter, after increasing 3.2 percent in the 

previous quarter. On a four-quarter basis, however, these costs grew 1.9 percent over the most 

recent four quarters, nearly one-third of the 5.7 percent year-earlier pace. 

5
Industrial Production, Manufacturing, and Services 

Total industrial production has been volatile over the first ten months of 2023—though it has 

trended higher. Since December 2022, output at factories, mines, and utilities has increased 1.2 

percent. 

Manufacturing production, which accounts for about 74 percent of all industrial output, rose 1.1 

percent from December 2022 to October 2023. Automotive output had trended higher from 

March through September before dropping 10.0 percent in October, which related to the nowresolved United Auto Workers’ strike. Output at select high-technology factories held steady at 

1.4 percent in October and excluding motor vehicles and parts and high-technology industries, 

manufacturing output was flat in October. 

Output at mines has risen 5.0 percent, including a 0.4 percent increase in October. Twelvemonth rates have slowed with easing energy prices: mining output was 2.2 percent over the year 

through October, much slower than the 7.4 percent, year-earlier advance. Utilities output, the 

remaining 10 percent of total industrial output, has also fluctuated from month to month; weather 

is usually a factor contributing to swings in this sector; unseasonable weather in months often 

causes sharp swings in output from one month to the next. Utilities output declined 1.6 percent 

in October, but over the 12 months through October 2023, utilities production was up 2.9 

percent. 

According to survey measures of manufacturing and service-sector businesses, growth remains 

negative in manufacturing, and has slowed significantly in services. The Institute for Supply 

Management’s (ISM) manufacturing index has remained below the 50 level for the past twelve 

months. In October 2023, the index stood at 46.7. For the services sector, the ISM’s index 

dipped below 50 in December 2022 but has held above 50 for the past ten months. In October 

2023, the index fell 1.8 points to 51.8. This index has signaled expansion in 40 of the past 41 

months but recent readings have indicated much slower growth. 

Housing Markets 

Although residential investment grew in the third quarter, further tightening of monetary policy 

and rising mortgage rates combined with elevated house prices weighed on home affordability 

and housing activity. In September 2023, existing home sales—which account for nearly 90 

percent of all home sales—declined 2.0 percent over the month and were 15.4 percent lower on a 

twelve-month basis. By contrast, new single-family home sales have trended higher since July 

2022 and jumped 12.3 percent in September, bringing the 12-month gain to 33.9 percent. 

Inventories of existing homes available for sale have risen from all-time lows in 2022 but remain 

constrained as many existing homeowners are still reluctant to sell homes with lower mortgage 

rates in exchange for new mortgages at much higher rates. Even so, the months’ supply of 

existing homes for sale has been edging up in recent months and stood at 3.4 months in 

September—more than double the supply available in January 2022, an all-time low—but still 

well below the average 3.9 months of supply in 2019. Inventories of new homes on the market 

remain elevated but have declined: after surging above 10 months’ supply in July 2022, months’ 

supply has trended lower, and stood at 6.9 months in September 2023. 

6
Since early 2023, monthly growth rates of house prices have been picking up, although yearly 

rates continue to slow or even decline. The Case-Shiller 20-city house price index—which 

measures sales prices of existing homes—declined each month between July 2022 and January 

2023 but has risen since March; in August, the 20-city index was up 1.0 percent over the month 

(latest data available). On a twelve-month basis, however, the index declined between March 

and June 2023, the first yearly declines since early 2012. By August, the Case-Shiller index was 

up 2.2 percent year-over-year—although this pace was still slower from the 13.2 percent, yearearlier advance. The FHFA purchase-only house price index showed flat or slightly positive 

growth between October 2022 and January 2023 but, starting in February, has shown robust 

monthly growth—including a 0.6 percent advance in August. Twelve-month rates remain 

positive but have trended lower; over the year through August 2023, this index was up 5.6 

percent, roughly one-half the pace of 11.9 percent over the year through August 2022. 

Signals from new construction starts and permits for future starts have been mixed thus far in 

2023, and the divergence between the single-family and multi-family sectors has widened. 

Single-family housing starts have been trending higher since late last year, including a 3.2 

percent advance in September. Twelve-month growth rates have turned positive following the 

sharp declines that prevailed from May 2022 through June 2023. Over the year through 

September 2023, single-family starts were up 8.6 percent. Similarly, after declining for eleven 

consecutive months through the end of 2022, single-family permits have been growing in 2023, 

including a 1.6 percent gain in September. Yearly rates turned positive in July and were up 11.3 

percent over the twelve months through September. In the volatile multi-family sector, starts had 

been running at an elevated pace since late 2021 but have declined noticeably in recent months; 

nonetheless, monthly starts in this sector jumped 17.6 percent in September. Meanwhile, permits 

have declined in six of the past nine months, including a 14.3 percent decline in September. 

Multi-family permits are down 23.1 percent year-to-date, suggesting a weakening trend in this 

segment of the market. 

Despite mixed trends between single-family and multi-family construction, activity in the 

housing sector remains relatively elevated, as builders continue to work through construction 

backlogs. The number of total homes under construction—both single-family and multifamily—stood at 1.676 million as of September 2023, modestly below the record high of 1.710 

million reached in October 2022 (data series begins in 1970). Earlier this year, home builders 

had grown more optimistic about conditions in single-family housing markets, with the National 

Association of Home Builders’ housing market index rising to 56 in July, the highest reading 

since June 2022. More recently, however, builder sentiment has deteriorated. This index fell to 

40 in October, moving closer to the recent low of 31 in December 2022.

Prices 

Inflation has slowed substantially since 2022. Although inflation picked up in the third quarter, it 

was largely due to rising energy prices that have since faded. In the third quarter, headline 

inflation (as measured by the CPI) averaged 0.4 percent, driven by an average 2.4 percent rise in 

energy prices from June to September. By contrast, inflation in October was flat owing in part to 

a 2.5 percent drop in energy prices. Meanwhile, food inflation has trended lower since mid-2022 

7
when it peaked at 1.1 percent month-over-month. In October, monthly food price inflation was 

0.3 percent, just above the year-to-date average monthly rate. 

Core CPI inflation (which strips out the volatile energy and food components) was elevated for 

much of 2022 but slowed to a range of 0.3 percent to 0.4 percent during the final three months of 

the year. Core inflation has moderated further this year: in October 2023, core prices increased 

just 0.2 percent—below the twelve-month average monthly rate of 0.3 percent. Core goods price 

inflation has constrained core inflation readings, having declined in each of the past five months; 

in October, the core goods CPI declined 0.1 percent. By contrast, inflation for core services has 

been the driving force behind core CPI inflation in 2023. Rent of housing inflation—that is rent 

of primary residence and owners’ equivalent rents—has set a high floor for core services 

inflation, despite some recent slowing. Monthly rent of housing inflation readings have 

fluctuated between 0.4 percent and 0.5 percent since March, accounting for roughly 0.2 

percentage points of monthly inflation. Even so, rent of housing price growth has moderated 

from the 0.7 percent to 0.8 percent monthly rates seen in the latter half of 2022. 

On a twelve-month basis, inflation has also slowed considerably from peak readings but is still 

elevated relative to pre-pandemic paces and above the Federal Reserve’s target rate. Over the 

year ending October 2023, CPI inflation was 3.2 percent—nearly one-third of the 9.1 percent 

pace recorded over the year through June 2022. Energy prices dropped 4.5 percent over the 

twelve months ending in October 2023, in contrast with the 41.6 percent twelve-month rise seen 

in June 2022—the peak rate following the Russian invasion of Ukraine. After running at doubledigit paces for nine consecutive months, food price inflation slowed to single digits as of 

February 2023 and, over the year through October 2023, was 3.3 percent—the slowest twelvemonth pace since June 2021. Core inflation has also slowed on a yearly basis, but to a lesser 

extent than headline: over the year ending in October 2023, core inflation was 4.0 percent, or 2.6 

percentage points below the peak rate of 6.6 percent reached over the year through September 

2022 and the slowest yearly pace since September 2021. As with monthly inflation, price 

growth of core services—driven by strong shelter inflation—was the primary contributor to 

relatively rapid core inflation. After running at 7.3 percent over the year through February 

2023—the fastest rate in over forty years—core services price inflation slowed to 5.5 percent 

over the twelve months through October – largely driven by shelter inflation (despite slower 

monthly readings of late). Over the year through October 2023, core goods inflation was 0.1 

percent, a fraction of the peak yearly rate of 12.3 percent through February 2022. 

The Federal Reserves’ preferred measure of inflation is the PCE price index. The PCE price 

index assigns different weights for different components than does the CPI and uses a different 

methodology in its calculation—though the drivers of both measures remain similar. Inflation as 

measured by the PCE price index typically runs at a slower pace than CPI inflation due to these 

methodological and weighting differences. As of September 2023, PCE inflation was 3.4 

percent on a year-over-year basis, 0.3 percentage points slower than CPI inflation for the 

comparable timeframe. Core PCE inflation was 3.7 percent over the year ending September 

2023, 0.4 percentage points below the 4.1 percent inflation as measured by the core CPI over the 

same time frame. 

8
Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment 

Consumer and business sentiment measures have decreased further in recent months—despite 

slowing inflation and comparatively strong labor markets—as concerns about personal finances 

and employment, longer-term inflation expectations, and geo-political strife all rose. The 

Reuters/Michigan consumer sentiment index reached a record low of 50.0 in June 2022 (series 

debuted in November 1952). Although it trended higher during the first half of 2023, the index 

has now declined for four consecutive months, standing at just 60.4 in the early November 

survey. Meanwhile in The Conference Board’s alternative household survey, the consumer 

confidence index has declined in each of the past three months, reaching 102.6 in October 2023. 

On the business side, the National Federation of Independent Business’s (NFIB) small business 

optimism index has trended lower since mid-2021. As of October 2023, the small business 

optimism index stood at 90.7, or 0.2 points below the early pandemic low. This marked the 

twenty-second consecutive month that the index was below the pre-pandemic long-term average 

of 98.0. 

9
Federal Budget Deficit and Debt 

The federal government’s deficit and debt rose sharply following the multiple fiscal responses to 

mitigate the pandemic’s impact on the economy. In FY 2020, the federal deficit peaked at 14.7 

percent of GDP. However, federal finances have improved significantly since FY 2020. By FY 

2022, the deficit had decreased to 5.4 percent of GDP, reflecting the phasing out of pandemicrelated aid and recovery in the economy more broadly. 

For FY 2023, the deficit increased $320 billion to $1.70 trillion, equal to 6.3 percent of GDP, as 

lower receipts outweighed decreased spending. Receipts shrank by $457 billion from FY 2022 

to FY 2023. The decrease was related to more normal capital gains realizations in 2022—taxes 

of which are paid in FY 2023—whereas historically high realizations in 2021 had boosted 

receipts in FY 2022. Outlays decreased by $137 billion in FY 2023, partly reflecting the impact 

of Biden v. Nebraska on certain student loan relief programs. However, the decrease in the 

Department of Education’s net outlays was offset by higher outlays for national defense, Social 

Security, Medicare, and net interest. 

At the end of FY 2023, gross federal debt stood at 122.9 percent of GDP ($33.2 trillion), up from 

122.2 percent of GDP ($30.9 trillion) at the end of fiscal year 2022. Debt held by the public was 

$2632 trillion (97.6 percent of GDP) at the end of FY 2023, up from $24.3 trillion by the end of 

fiscal year 2022 (96.0 percent of GDP). In June 2023, the Treasury’s borrowing limit was 

suspended until 2025. 

Economic Policy 

In August 2023, the Administration celebrated the one-year anniversary of the Inflation 

Reduction Act (IRA), which sought to improve the resiliency of supply chains—which had been 

disrupted in late-2021 and early-2022 and contributed to rising inflation—and address other 

long-run supply-side vulnerabilities, particularly those arising from climate change. The IRA 

included provisions to reduce health care costs for prescription drugs and health care coverage as 

well as an additional $370 billion for measures to reduce emissions and substantial deficit 

reduction through improved tax compliance and closing of tax loopholes. 

The current cycle of monetary policy tightening, which began at the FOMC’s March 2022 

meeting to address inflation, has slowed in 2023. So far this year, the FOMC has increased the 

interest by 100 basis points—versus a 425-basis point increase in 2022—and has not raised the 

target range since July. The Federal Reserve also has been reducing its holdings of long-run 

assets of Treasury securities and mortgage-backed securities (MBS), putting upward pressure on 

longer-term interest rates. The FOMC’s balance sheet runoff—that is, allowing maturity of 

longer-term assets without reinvestment—began on June 1, 2022. Through the week-ending 

Wednesday, November 15, the Fed’s holdings of Treasury securities and agency mortgagebacked securities (MBS) have declined 13.8 percent to $7.3 trillion since the FOMC initiated 

quantitative tightening (QT) on June 1, 2022. 

10
INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 

11
on both on- and off-budget receipts, outlays and deficit of 

the Government. 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by

agency. 

 Table FFO-4 summarizes on- and off-budget

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Fourth-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the fourth quarter of Fiscal Year 2023 

supplements fiscal data reported in the September issue 

of the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $482.9 billion for the fourth 

quarter of Fiscal Year 2023. This is a decrease of $13.7 

billion over the comparable prior year quarter. Withheld 

receipts increased by $9.6 billion and non-withheld receipts 

decreased by $12.4 billion during this period. Refunds 

increased by $10.9 billion over the comparable Fiscal Year 

2022 quarter. There was a change of $0.6 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2022. 

Corporate income taxes—Net corporate income tax 

receipts were $113.7 billion for the fourth quarter of Fiscal 

Year 2023. This is a decrease of $5.1 billion compared to 

the prior year fourth quarter. The $5.1 billion change is 

comprised of a decrease of $9.9 billion in estimated and 

final payments, and a decrease of $4.8 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

Fiscal Year 2023 were $360.6 billion, an increase of $16.4 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $13.7 billion, $2.3 billion, and $1.4 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of Fiscal Year 2023. There was a $0.6 

billion adjustment in the fourth quarter of Fiscal Year 2022. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of Fiscal Year 

2023 were $8.4 billion, a decrease of $3.9 billion over the 

comparable quarter of Fiscal Year 2022. Net State taxes 

deposited in the U.S. Treasury decreased by $3.8 billion to 

$7.5 billion. Net Federal Unemployment Tax Act taxes 

were unchanged at $0.9 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.8 billion for the 

fourth quarter of Fiscal Year 2023. This was an increase of 

12
$0.2 billion from the comparable quarter of Fiscal Year 

2022. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of Fiscal Year 2023 were $16.4 billion, a decrease of 

$10.3 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $13.0 billion, an 

increase of $9.7 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.8 billion for the fourth quarter of Fiscal Year 2023. 

These receipts represent a decrease of $2.7 billion over the 

same quarter in Fiscal Year 2022. 

Customs duties—Customs duties net of refunds were 

$19.9 billion for the fourth quarter of Fiscal Year 2023. 

This is a decrease of $5.8 billion over the comparable prior 

year quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of Fiscal Year 2023 were $17.2 

billion, a decrease of $9.1 billion over the comparable prior 

year quarter. This change is due in part to deposits of 

earnings by Federal Reserve banks decreasing by $13.6 

billion. 

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Fourth quarter 2023 

July – Sept. 

 Fiscal year 2023 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,026,764 4,439,283

On-budget receipts .................................................. 752,111 3,245,528

Off-budget receipts .................................................. 274,653 1,193,755

Total outlays................................................................. 1,329,273 6,134,433

On-budget outlays.................................................... 999,970 4,913,690

Off-budget outlays.................................................... 329,303 1,220,742

Total surplus or deficit (-)............................................. -302,508 -1,695,147

On-budget surplus or deficit (-)................................ -247,858 -1,668,161

Off-budget surplus or deficit (-)................................ -54,650 -26,987

Means of financing: 

Borrowing from the public ............................................ 856,366 1,982,670

Reduction of operating cash ........................................ -254,494 -20,894

Other means ................................................................ -299,362 -266,625

Total on- and off-budget financing ........................... 302,508 1,695,147

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2023 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source July August September

Individual income taxes...................................................... 131.7 130.3 221.0

Corporate income taxes..................................................... 14.3 4.3 95.1

Employment and general retirement.................................. 114.3 116.9 129.4

Unemployment insurance .................................................. 4.1 4.0 0.2

Contributions for other insurance and retirement .............. 0.6 0.6 0.7

Excise taxes ....................................................................... 0.7 8.4 7.2

Estate and gift taxes .......................................................... 1.1 2.9 1.8

Customs duties .................................................................. 6.9 6.3 6.7

Miscellaneous receipts....................................................... 2.5 9.4 5.2

Total budget receipts ..................................................... 276.2 283.1 467.5

Note.—Detail may not add to totals due to independent rounding. 

13
FEDERAL FISCAL OPERATIONS 

14
TABLE FFO-1—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

2019 ............................ 3,462,195 2,547,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

2020 ............................ 3,419,955 2,454,528 965,427 6,551,871 5,596,291 955,579 -3,131,917 -3,141,766 9,847 4,234,396 

2021 ............................ 4,045,980 3,093,658 952,323 6,818,159 5,814,312 1,003,847 -2,772,178 -2,720,653 -51,525 1,484,000 

2022 ............................ 4,896,119 3,830,145 1,065,975 6,271,508 5,190,351 1,081,158 -1,375,389 -1,360,206 -15,183 2,453,245 

2023 ............................ 4,439,283 3,245,528 1,193,755 6,134,433 4,913,690 1,220,742 -1,695,147 -1,668,161 -26,987 2,150,233 

2024 – Est1.................. 5,027,559 3,820,223 1,207,336 6,904,768 5,593,840 1,310,928 -1,877,209 -1,773,617 -103,592 1,987,305 

2025 – Est1.................. 5,413,903 4,158,921 1,254,982 7,111,012 5,711,778 1,399,234 -1,697,109 -1,552,857 -144,252 2,055,991 

2022 - Sept.................. 487,723 394,192 93,531 917,396 817,392 100,004 -429,673 -423,200 -6,474 -15,661

Oct................... 318,500 242,627 75,873 406,374 315,869 90,505 -87,874 -73,242 -14,632 262,939

Nov .................. 252,111 170,473 81,638 500,646 399,543 101,103 -248,535 -229,070 -19,465 167,457

Dec .................. 454,942 358,135 96,807 539,943 467,639 72,304 -85,001 -109,504 24,503 4,743 

2023 - Jan ................... 447,288 339,029 108,259 486,072 388,957 97,115 -38,784 -49,928 11,144 35,500 

Feb .................. 262,114 168,220 93,894 524,548 411,260 113,288 -262,434 -243,040 -19,394 -976

Mar .................. 313,240 210,007 103,233 691,317 579,980 111,337 -378,076 -369,973 -8,104 -3,677

Apr................... 638,520 518,378 120,142 462,340 361,603 100,736 176,181 156,775 19,406 -60

May.................. 307,487 212,879 94,608 547,835 430,380 117,455 -240,348 -217,501 -22,847 1,719

June................. 418,317 273,669 144,648 646,085 558,489 87,596 -227,768 -284,820 57,052 859,459 

July .................. 276,161 188,272 87,889 496,943 396,383 100,560 -220,782 -208,111 -12,671 272,653 

Aug .................. 283,130 193,294 89,836 193,875 80,415 113,460 89,256 112,880 -23,624 298,263 

Sept................. 467,473 370,545 96,928 638,455 523,172 115,283 -170,982 -152,627 -18,355 252,213 

Fiscal year 2023 to date ... 4,439,283 3,245,528 1,193,755 6,134,433 4,913,690 1,220,742 -1,695,147 -1,668,161 -26,987 2,150,233 

Means of financing—net transactions, continued 

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total 

Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -432,023 -62 616,309 

2020 ...................................... -1,304 16,813 4,216,280 1,399,197 1,754 -309 8,253 323,680 853 3,131,918 

2021 ...................................... -652 215,402 1,267,947 -1,566,518 112,141 -729 1,496 50,539 71 2,772,167 

2022 ...................................... -150 483,278 1,969,817 420,833 -10,700 -467 -6,792 -192,082 576 1,375,388 

2023 ...................................... 215 167,776 1,982,672 20,894 8,883 1,538 637 -254,617 -956 1,695,147

2024 – Est1............................ 1,140 324,415 1,664,030 - * * * 213,179 * 1,877,209 

2025 – Est1............................ 1,317 240,514 1,816,794 - * * * -119,685 * 1,697,109 

2022 - Sept ........................... -389 -38,360 22,310 -33,918 -2,388 -100 -387 370,150 420 429,673

Oct............................. -38 219,657 43,244 -39,524 1,037 180 1,721 8,044 - 87,874

Nov............................ 155 -27,384 194,996 -63,679 4,395 -235 760 -5,220 - 248,535

Dec............................ 330 41,257 -36,184 -86,106 1,930 1,755 577 39,341 - 85,001

2023 - Jan ............................. 244 -31,466 67,210 121,223 2,801 -187 -3 95,408 - 38,784

Feb ............................ -264 -22,626 21,386 -152,904 -2,092 -326 -381 85,345 - 262,434

Mar............................ -36 -84,744 81,031 -237,312 1,995 -311 569 61,984 2 378,076

Apr............................. -137 87,589 -87,786 138,688 214 216 -417 50,306 - -176,181

May ........................... 130 -17,236 19,085 -267,869 -2,026 98 -502 -48,078 -958 240,348

June .......................... 130 36,265 823,324 353,883 776 773 42 -240,082 - 227,768

July............................ -23 28,467 244,163 99,434 1,570 -432 -1,048 76,143 - 220,782

Aug............................ -190 -30,198 328,271 40,014 127 -53 -533 -377,972 - -89,256

Sept........................... -86 -31,805 283,932 115,046 -1,844 60 -148 164 - 170,982

Fiscal year 2023 to date ....... 215 167,776 1,982,672 20,894 8,883 1,538 637 -254,617 -956 1,695,147

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2024 Mid-Session Review, released by the Office of 

Management and Budget on July 28, 2023. 

* These are not separately estimated. They are included in "other." 

15
2019 .................. 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

2020 .................. 1,245,088 601,920 238,346 1,608,663 263,847 52,003 211,846 1,820,509 1,257,205 - 1,257,205 

2021 .................. 1,498,655 824,141 278,436 2,044,379 419,351 47,521 371,832 2,416,211 1,254,747 7,605 1,247,142 

2022 .................. 1,731,530 1,146,929 246,315 2,632,146 476,189 51,324 424,866 3,057,012 1,410,324 5,203 1,405,121 

2023 .................. 1,694,520 855,277 373,321 2,176,482 457,366 37,785 419,584 2,596,066 1,557,830 6,312 1,551,518 

2024 – Est1........ 2,355,223 - - 2,355,223 663,613 - 663,613 3,018,836 1,707,066 - 1,707,066

2025 – Est1........ 2,656,352 - - 2,656,352 715,741 - 715,741 3,372,093 1,743,019 - 1,743,019

2022 - Sept........ 118,527 120,885 11,686 227,726 109,362 3,420 105,941 333,667 130,521 5,203 125,318 

Oct......... 138,886 49,832 13,370 175,349 18,992 4,362 14,630 189,979 103,252 - 103,252 

Nov ........ 122,899 14,273 23,472 113,701 7,951 5,009 2,943 116,644 111,320 - 111,320 

Dec ........ 202,355 26,862 13,679 215,539 89,897 2,080 87,818 303,357 130,871 - 130,871 

2023 - Jan ......... 151,856 127,542 17,108 262,290 20,694 -134 20,828 283,118 140,824 - 140,824 

Feb ........ 146,304 17,687 52,005 111,986 6,990 4,702 2,288 114,274 118,974 - 118,974 

Mar ........ 193,055 30,253 72,789 150,520 14,512 3,025 11,487 162,007 130,737 - 130,737 

Apr......... 128,031 326,244 73,338 380,938 84,793 4,212 80,581 461,519 156,032 - 156,032 

May........ 136,840 36,865 39,521 134,184 17,407 3,618 13,790 147,974 121,495 - 121,495 

June....... 85,795 86,299 23,057 149,037 74,613 3,085 71,528 220,565 179,019 - 179,019 

July ........ 134,864 19,418 22,626 131,656 19,302 5,050 14,252 145,908 113,730 - 113,730 

Aug ........ 130,170 14,751 14,660 130,261 6,721 2,410 4,311 134,572 116,370 - 116,370 

Sept....... 123,465 105,251 7,696 221,021 95,494 366 95,128 316,149 135,206 6,312 128,894 

Fiscal year 

2023 to date........ 1,694,520 855,277 373,321 2,176,482 457,366 37,785 419,584 2,596,066 1,557,830 6,312 1,551,518 

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

2019 ............................ 5,610 90 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759 

2020 ............................ 4,590 144 4,445 1,261,650 43,224 120 43,103 5,172 29 5,201 

2021 ............................ 4,755 38 4,717 1,251,858 56,742 140 56,602 5,604 26 5,630 

2022 ............................ 5,644 27 5,616 1,410,737 66,616 119 66,498 6,271 23 6,294 

2023 ............................ 6,643 15 6,630 1,558,148 49,553 150 49,403 6,883 21 6,904 

2024 – Est1.................. 6,152 - 6,152 1,713,218 52,744 - 52,744 7,562 30 7,592 

2025 – Est1.................. 6,222 - 6,222 1,749,241 54,977 - 54,977 8,150 30 8,180 

2022 - Sept ................. 542 2 540 125,858 410 11 400 624 2 626 

Oct................... 484 1 484 103,735 3,741 - 3,741 542 1 543 

Nov.................. 475 - 475 111,795 3,016 9 3,007 528 1 529 

Dec.................. 798 -16 814 131,685 540 10 530 531 3 534 

2023 - Jan ................... 860 - 860 141,684 5,975 7 5,968 514 2 516 

Feb.................. 700 -4 704 119,678 2,599 8 2,591 538 2 540 

Mar.................. 559 4 555 131,292 593 14 579 679 2 681 

Apr................... 565 28 537 156,569 6,170 21 6,148 526 2 527 

May ................. 590 3 587 122,082 17,516 11 17,506 621 1 622 

June ................ -3 1 -3 179,016 998 30 968 577 2 579 

July.................. 564 - 564 114,295 4,120 19 4,101 551 1 553 

Aug.................. 528 - 528 116,898 4,030 14 4,016 559 2 561 

Sept................. 523 -2 525 129,419 255 7 248 717 2 719 

Fiscal year 

2023 to date...................... 6,643 15 6,630 1,558,148 49,553 150 49,403 6,883 21 6,904 

See footnotes at end of table. 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 

16
Fiscal year

or month

Excise

taxes, con.

Net excise taxes

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

Gross 

 (36) 

Refunds 

 (37) 

Net 

(38) 

 Gross 

 (39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

2019.......... 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302 

2020.......... 86,782 18,198 571 17,625 75,636 7,085 68,550 81,880 34,659 116,538 2,454,527 965,427 

2021.......... 75,271 28,046 906 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

2022.......... 87,727 33,355 805 32,550 106,092 6,186 99,908 106,676 28,723 135,397 3,830,145 1,065,975 

2023.......... 75,802 35,434 1,765 33,670 86,639 6,302 80,336 581 38,376 38,957 3,245,528 1,193,755 

2024 – Est1 ..... 108,069 29,594 - 29,594 60,641 - 60,641 - 36,865 36,865 3,820,223 1,207,336 

2025 – Est1 ..... 108,788 32,694 - 32,694 47,777 - 47,777 - 40,153 40,153 4,158,921 1,254,982 

2022 - Sept ..... 11,678 3,443 -19 3,462 9,374 633 8,741 1,059 2,231 3,290 394,192 93,531 

Oct ...... 5,812 2,852 46 2,806 8,690 527 8,163 111 3,686 3,797 242,627 75,873 

Nov...... 8,043 2,744 125 2,618 7,758 586 7,171 188 2,116 2,304 170,473 81,638 

Dec...... 7,106 1,893 282 1,611 7,312 760 6,552 154 3,414 3,568 358,135 96,807 

2023 - Jan....... 5,154 2,255 157 2,099 7,599 761 6,838 15 1,898 1,913 339,029 108,259 

Feb...... 6,258 9,855 209 9,646 6,794 445 6,349 40 2,738 2,778 168,220 93,894 

Mar...... 7,741 2,534 240 2,294 6,677 525 6,152 19 2,475 2,494 210,007 103,233 Apr ...... 3,337 2,072 113 1,960 6,694 344 6,350 29 2,081 2,111 518,378 120,142 

May ..... 8,195 3,187 45 3,142 6,720 347 6,373 - 1,593 1,593 212,879 94,608 

Jun ...... 7,771 1,687 31 1,656 7,124 648 6,475 - 1,287 1,287 273,669 144,648 

 Jul ....... 742 1,344 213 1,131 7,356 447 6,910 25 2,497 2,521 188,272 87,889 

Aug...... 8,446 3,084 207 2,877 6,809 484 6,325 - 9,435 9,435 193,294 89,836 

 Sept ..... 7,197 1,927 97 1,830 7,106 428 6,678 - 5,232 5,232 370,545 96,928 

Fiscal year 

 2023 to date ....... 75,802 35,434 1,765 33,670 86,639 6,302 80,336 581 38,376 38,957 3,245,528 1,193,755 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2024 Mid-Session Review, 

released by the Office of Management and Budget on July 28, 2023. 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22)

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23)

Refunds

 (24)

 Net (25)Gross 

(26)

Refunds

(27)

Net 

(28)

Gross 

(29)

Refunds 

(30)

 Net 

 (31)

 Gross 

 (32)

 Refunds 

 (33)

 Net 

 (34)

2019 .............................. 1,243,087 15,825 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144 

2020 .............................. 1,309,954 9,034 20 9,015 300 - 300 43,201 440 42,763 43,997 9,298 34,701 

2021 .............................. 1,314,090 10,946 13 10,935 270 - 270 40,920 442 40,488 31,578 7,995 23,581 

2022 .............................. 1,483,529 11,403 27 11,376 180 - 180 47,076 444 46,632 36,610 7,070 29,537 

2023 .............................. 1,614,455 22,741 256 22,485 308 - 308 42,603 448 42,154 31,876 21,021 10,854 

2024 – Est1.................... 1,773,554 18,441 - 18,441 301 - 301 42,202 - 42,202 47,125 - 47,125 

2025 – Est1.................... 1,812,398 18,933 - 18,933 287 - 287 41,639 - 41,639 47,929 - 47,929 

2022 - Sept.................... 126,884 1,844 6 1,838 21 - 21 7,063 65 6,998 3,929 1,108 2,821

Oct..................... 108,019 233 - 233 3 - 3 894 15 879 5,084 387 4,697

Nov .................... 115,331 1,348 - 1,348 29 - 29 4,549 30 4,519 2,291 145 2,146

Dec .................... 132,749 4,355 - 4,355 10 - 10 1,107 30 1,077 1,926 263 1,663

2023 - Jan ..................... 148,168 1,060 - 1,060 23 - 23 3,578 30 3,547 2,636 2,112 524 

Feb .................... 122,809 2,623 11 2,612 30 - 30 3,627 31 3,596 246 226 20 

Mar .................... 132,552 1,375 - 1,375 27 - 27 3,367 31 3,336 3,309 306 3,003 

Apr..................... 163,244 1,541 - 1,541 31 - 31 3,772 38 3,734 2,669 4,637 -1,969

May.................... 140,210 3,393 34 3,359 27 - 27 2,675 45 2,630 2,225 46 2,179

June................... 180,563 1,659 - 1,659 28 - 28 3,720 45 3,675 2,638 229 2,409

July .................... 118,949 1,677 - 1,677 28 - 28 3,761 44 3,717 3,449 8,128 -4,679

Aug .................... 121,475 937 92 845 25 - 25 4,395 44 4,351 3,440 215 3,225

Sept................... 130,386 2,540 119 2,421 47 - 47 7,158 65 7,093 1,963 4,327 -2,364

Fiscal year 

2023 to date....................... 1,614,455 22,741 256 22,485 308 - 308 42,603 448 42,154 31,876 21,021 10,854 

17
TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year

or month

Legislative

branch

(1)

Judicial

branch

(2)

Department of

Agriculture

(3)

Department of 

Commerce

(4)

Department of

Defense,

military

(5)

 Depart-

 ment of

Education

 (6)

 Depart-

 ment of

 Energy

 (7)

 Depart-

 ment of 

 Health

 and

 Human

 Services

 (8)

 Depart-

 ment of

 Home-

 land

 Security

 (9)

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart-

 ment of

 the

 Interior

 (11)

Department of

Justice

(12)

 Depart-

 ment of

 Labor

 (13)

2019 ................ 4,955 7,958 150,120 11,326 653,979 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810

2020 ................ 5,365 8,251 184,221 15,918 690,420 204,415 32,047 1,503,953 91,963 33,190 16,417 39,606 477,529

2021 ................ 5,265 8,310 235,194 13,135 717,585 260,452 33,695 1,466,673 91,069 31,779 15,788 39,262 404,772

2022 ................ 5,752 8,720 245,218 11,734 726,571 639,367 22,439 1,642,892 80,864 29,309 13,916 39,603 51,734

2023 ................ 6,514 8,996 228,887 12,045 775,872 -41,109 34,422 1,708,521 89,031 55,196 15,865 44,323 87,532

2024 – Est1...... 7,396 10,220 232,584 20,356 848,565 183,694 58,538 1,710,722 99,793 80,307 25,765 51,359 76,630

2025 – Est1...... 7,739 10,628 230,595 34,577 891,314 139,411 66,260 1,837,992 81,736 80,800 26,408 49,135 51,474

2022 - Sept ..... 507 871 15,863 710 77,310 445,657 1,558 175,419 7,279 2,283 1,502 3,500 671

Oct....... 684 667 25,901 1,039 73,110 14,970 947 87,490 8,276 4,902 1,279 3,674 -1,505

Nov...... 495 693 25,933 934 58,393 22,395 1,704 143,932 6,649 4,662 1,226 3,637 4,111

Dec...... 432 732 21,301 1,034 72,836 17,884 2,983 136,305 8,392 5,354 1,156 3,137 5,801

2023 - Jan....... 826 724 22,605 870 46,255 16,162 2,314 138,103 6,955 3,919 1,179 3,290 41,724

Feb...... 398 732 18,445 895 56,280 14,675 3,500 136,461 6,315 4,981 1,235 3,295 3,923

Mar...... 503 934 18,218 979 79,381 38,077 3,797 200,966 8,295 5,356 1,165 3,440 5,281 Apr ...... 455 647 15,601 884 53,486 9,578 3,369 87,666 6,596 5,719 639 5,763 4,207

May ..... 614 785 16,481 1,193 61,809 12,049 3,042 151,881 8,006 208 1,363 4,445 5,633

Jun ...... 502 776 18,041 1,140 74,856 26,503 3,071 210,385 8,530 5,104 1,822 3,255 3,865

 Jul ....... 522 689 15,618 985 52,665 82,921 2,664 85,219 6,094 4,361 1,542 2,664 5,937

Aug...... 505 737 15,758 1,062 66,367 -319,588 2,561 140,116 6,901 5,791 1,406 3,734 6,596

 Sept...... 578 880 14,985 1,030 80,434 23,265 4,470 189,997 8,022 4,839 1,853 3,989 1,959

Fiscal year 

 2023 to date ....... 6,514 8,996 228,887 12,045 775,872 -41,109 34,422 1,708,521 89,031 55,196 15,865 44,323 87,532

Fiscal year

or month

Department of

State

(14)

Department of 

Transportation

(15)

Department

of the

Treasury,

interest on

Treasury

debt

securities

(gross)

(16)

Department

of the Treasury,

other

(17)

Department of

Veterans Affairs

(18)

Corps of 

Engineers

(19)

Other

Defense,

civil

programs

(20)

Environmental

Protection

Agency

(21)

Executive

Office

of the

President

(22)

General Services

Administration

(23)

International

Assistance

Program

(24)

2019 ................ 28,002 80,716 572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578 

2020 ................ 32,859 100,342 522,651 629,072 218,393 7,632 65,265 8,723 403 -266 21,677

2021 ................ 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 20,047

2022 ................ 33,232 113,770 717,612 444,610 273,868 8,181 56,868 9,278 458 -1,204 35,813 

2023 ................ 32,997 109,787 879,305 227,643 301,025 7,806 68,928 12,587 543 -700 36,052

2024 – Est1...... 36,833 125,315 1,002,503 438,826 324,204 8,316 72,668 38,625 658 252 33,070

2025 – Est1...... 38,339 130,098 1,037,163 343,886 355,291 8,059 97,608 25,220 576 4,171 31,568

2022 - Sept ..... 4,206 11,660 39,999 -17,082 35,716 476 11,464 949 45 -71 3,491

Oct....... 2,651 8,751 47,574 20,046 11,408 505 -127 770 42 -284 3,589

Nov...... 2,268 9,216 55,019 13,564 22,506 1,109 5,576 706 37 128 5,709

Dec...... 4,010 8,995 107,412 24,661 34,927 1,072 11,317 849 40 64 283

2023 - Jan....... 1,904 6,398 51,078 9,074 11,872 275 1,520 691 39 -399 -263

Feb...... 1,671 7,153 45,565 57,854 24,151 729 6,739 794 40 -61 6,131

Mar...... 1,940 7,414 77,578 31,386 39,920 892 10,813 962 58 365 4,196 Apr ...... 2,119 7,142 76,029 21,298 12,105 516 -1,890 843 41 -409 2,844

May ..... 3,202 11,681 69,650 20,217 25,728 832 5,616 961 49 223 5,356

Jun ...... 2,791 9,563 122,497 25,449 36,901 818 11,583 1,222 44 124 2,474

 Jul ....... 2,319 9,459 73,297 15,687 12,830 892 573 967 45 -347 2,162

Aug...... 2,333 11,078 82,136 11,084 25,801 995 5,022 2,653 54 303 1,545

 Sept...... 5,789 12,937 71,470 -22,677 42,876 -829 12,186 1,169 54 -407 2,026

Fiscal year 

 2023 to date ....... 32,997 109,787 879,305 227,643 301,025 7,806 68,928 12,587 543 -700 36,052

See footnotes at end of table 

18
TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Allowance

-s

(31) 

Employer 

share, 

employee 

retirement 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Other 

(35) 

Total outlays 

Onbudget 

(36) 

 Offbudget 

 (37) 

2019.................. 20,180 7,253 103,138 456 1,101,833 19,609 - -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 

2020.................. 21,524 7,278 105,626 577,411 1,153,912 17,654 - -99,993 -135,215 -3,645 - 5,596,291 955,579 

2021.................. 22,249 7,353 108,553 322,721 1,192,451 13,556 - -110,687 -149,578 -4,231 -8,942 5,814,310 1,003,847

2022.................. 23,080 8,133 113,072 23,199 1,282,055 29,831 - -119,129 -183,966 -11,831 -103,508 5,190,351 1,081,158

2023.................. 25,318 8,951 122,509 26,072 1,416,328 134,260 - -124,993 -169,144 -6,934 -8 4,913,690 1,220,742

2024 – Est1 ....... 25,898 10,652 129,377 1,906 1,518,317 583 13,974 -154,215 -120,775 -8,146 -2 5,593,840 1,310,928

2025 – Est1 ....... 27,311 11,962 133,648 1,341 1,625,681 4,357 19,433 -147,364 -137,525 -7,869 -11 5,711,778 1,399,234

2022 - Sept ....... 2,267 835 8,315 222 113,186 2,056 - -9,266 -1,238 -543 -22,420 817,392 100,004 

Oct ........ 1,715 691 10,103 290 104,621 6,278 - -28,832 -4,136 -715 -1 315,869 90,505 

Nov ....... 2,109 653 10,110 157 109,080 2,631 - -8,151 -5,972 -571 - 399,543 101,103 

Dec ....... 3,008 625 9,536 107 114,088 1,535 - -8,253 -51,422 -261 -1 467,639 72,304 

2023 - Jan......... 1,642 595 10,876 208 113,810 2,881 - -8,298 -1,970 -786 -1 388,957 97,115 

Feb........ 1,607 680 9,689 158 119,301 3,782 - -8,387 -3,337 -844 -1 411,260 113,288 

Mar........ 2,368 692 9,867 221 124,976 30,659 - -9,514 -9,545 -328 -1 579,980 111,337 

 Apr......... 1,800 629 10,883 23,902 115,301 13,655 - -8,495 -10,144 -437 - 361,603 100,736 

May ....... 2,083 661 10,477 178 120,841 19,644 - -9,138 -6,830 -1,104 -1 430,380 117,455 

Jun ........ 2,084 843 10,310 118 131,036 -4,875 - -8,777 -55,359 -611 -1 558,489 87,596 

 Jul ......... 1,754 829 10,435 214 115,871 2,920 - -8,745 -5,616 -485 -1 396,383 100,560 

Aug ....... 2,304 1,055 10,670 314 121,226 3,273 - -8,808 -10,536 -570 -1 80,415 113,460 

 Sept ....... 2,844 998 9,553 205 126,177 51,877 - -9,595 -4,277 -222 -1 523,172 115,283 

Fiscal year 

 2023 to date...... 25,318 8,951 122,509 26,072 1,416,328 134,260 - -124,993 -169,144 -6,934 -8 4,913,690 1,220,742 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2023 Mid-Session Review, released by the Office of 

Management and Budget on July 28, 2023.

19
TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

September 2023 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes ......................................................... 2,173,453 3,028 - 2,176,481 2,631,968 177 - 2,632,145

Corporation income taxes ...................................................... 419,584 - - 419,584 424,865 - - 424,865

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) .............. - - 1,193,755 1,193,755 - - 1,065,975 1,065,975

Employment and general retirement (on-budget) .............. * - 364,392 364,392 - - 344,760 344,760

Unemployment insurance .................................................. -2 - 49,404 49,402 * - 66,497 66,497

Other retirement ................................................................ - - 6,904 6,904 - - 6,294 6,294

Excise taxes .......................................................................... 3,681 1,500 70,622 75,804 22,331 1,732 63,663 87,726

Estate and gift taxes .............................................................. 33,668 - - 33,668 32,550 - - 32,550

Customs duties ...................................................................... 52,711 25,540 2,087 80,337 66,296 31,347 2,264 99,908

Miscellaneous receipts .......................................................... 7,791 29,819 1,347 38,958 110,083 24,057 1,258 135,398

Total receipts ................................................................ 2,690,886 59,887 1,688,512 4,439,285 3,288,093 57,314 1,550,713 4,896,119

(On-budget) .............................................................. 2,690,886 59,887 494,757 3,245,530 3,288,093 57,314 484,738 3,830,144

(Off-budget) .............................................................. - - 1,193,755 1,193,755 - - 1,065,975 1,065,975

Budget outlays: 

Legislative branch .................................................................. 6,580 -64 -4 6,512 5,808 -48 -8 5,752

Judicial branch ....................................................................... 9,007 68 -79 8,995 8,808 -47 -41 8,720

Department of Agriculture ...................................................... 203,718 25,165 5 228,887 226,265 18,893 52 245,210

Department of Commerce ..................................................... 11,756 288 1 12,045 10,633 1,090 11 11,734

Department of Defense-military ............................................. 775,241 199 432 775,872 724,883 1,230 514 726,627

Department of Education ....................................................... -40,896 -212 1 -41,108 638,317 1,053 -1 639,370

Department of Energy............................................................ 35,551 -1,128 * 34,423 24,531 -2,092 * 22,439

Department of Health and Human Services ........................... 1,333,449 7,523 367,550 1,708,521 1,351,248 5,413 286,261 1,642,922

Department of Homeland Security ......................................... 89,240 -429 221 89,032 85,650 -4,906 121 80,865

Department of Housing and Urban Development .................. 55,113 97 -16 55,194 29,828 -27 -494 29,307

Department of the Interior ...................................................... 17,096 -2,068 837 15,865 15,256 -1,228 -112 13,916

Department of Justice ............................................................ 38,027 6,294 6 44,327 35,058 4,549 -4 39,603

Department of Labor .............................................................. 11,600 40,342 35,589 87,530 234 2,501 49,003 51,737

Department of State .............................................................. 33,550 -1,163 609 32,997 34,096 -1,443 578 33,231

Department of Transportation ................................................ 31,689 -187 78,021 109,523 161,743 -111 -47,903 113,729

Department of the Treasury: 

Interest on Treasury Debt Securities (Gross) .................... 879,307 - - 879,307 717,611 - - 717,611

Other ................................................................................. 224,928 2,667 48 227,644 445,981 -1,360 -10 444,611

Department of Veterans Affairs.............................................. 305,423 -4,686 289 301,026 278,048 -4,614 433 273,867

Corps of Engineers ................................................................ 6,956 -159 1,008 7,806 6,486 2 1,689 8,176

Other defense civil programs ................................................. 130,753 -16,161 -45,664 68,928 122,196 -22,515 -42,811 56,870

Environmental Protection Agency .......................................... 12,323 -48 311 12,586 12,796 -43 -3,474 9,279

Executive Office of the President ........................................... 534 -1 10 543 462 -1 -3 458

General Services Administration ............................................ 173 -873 - -700 152 -1,354 - -1,202

International Assistance Program .......................................... 48,864 197 -13,010 36,050 41,042 -338 -4,870 35,834

National Aeronautics and Space Administration .................... 25,279 37 3 25,319 23,020 59 - 23,079

National Science Foundation ................................................. 8,824 149 -22 8,951 8,022 128 -17 8,133

Office of Personnel Management .......................................... 64,513 3,779 54,216 122,508 60,476 2,803 50,293 113,572

Small Business Administration............................................... 26,094 -23 - 26,072 23,212 -12 - 23,199

Social Security Administration ............................................... 112,822 -12 1,303,517 1,416,328 111,924 -9 1,170,140 1,282,056

Independent Agencies ........................................................... 22,166 106,317 6,137 134,620 22,957 -2,972 9,844 29,829

Undistributed offsetting receipts: 

Interest .............................................................................. - - -169,144 -169,144 - - -183,967 -183,967

Other ................................................................................. -5,993 -10,974 -114,967 -131,934 -90,682 -34,265 -110,020 -234,967

 Total Outlays 4,473,686 154,934 1,505,904 6,134,525 5,136,061 -39,664 1,175,203 6,271,600

 (On-Budget) 4,473,415 149,437 290,572 4,913,424 5,135,780 -38,967 93,630 5,190,443

 (Off-Budget) 272 5,497 1,215,332 1,221,100 282 -698 1,081,573 1,081,157

 Surplus (+) or Deficit (-) -1,782,801 -95,047 182,608 -1,695,240 -1,847,969 96,978 375,509 -1,375,481

 (On-Budget) -1,782,529 -89,550 204,184 -1,667,895 -1,847,687 96,280 391,108 -1,360,299

 (Off-Budget) -272 -5,497 -21,577 -27,345 -282 698 -15,598 -15,182

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 

20
TABLE FFO-5—Internal Revenue Receipts by State, 2023 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income tax, employment taxes, and estate and trust income tax

State or area 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

income tax 

withheld and 

FICA tax 3

(4) 

Individual 

 income tax 

 payments 

and SECA 

 tax 3

(5) 

United States, total...................... 4,694,335,168 456,940,780 4,127,711,362 3,199,581,711 860,714,188

Alabama ........................................ 35,829,649 2,069,107 33,131,160 24,989,156 7,733,285

Alaska ............................................ 6,739,371 142,410 6,501,190 4,706,115 1,591,278

Arizona .......................................... 70,752,416 6,280,671 63,279,233 46,012,971 16,628,929

Arkansas ....................................... 39,361,615 3,689,004 34,717,602 29,582,743 4,793,917

California ....................................... 568,978,229 52,424,035 507,735,806 424,341,574 80,226,492

Colorado ........................................ 85,856,658 4,744,074 80,172,876 60,342,709 18,923,291

Connecticut ................................... 72,077,657 11,406,922 59,577,152 43,062,111 15,338,137

Delaware ....................................... 25,469,728 6,177,219 18,559,399 14,503,073 1,973,330

District of Columbia ....................... 37,536,242 3,992,629 33,365,642 28,867,143 3,664,604

Florida ........................................... 310,666,692 19,759,015 286,098,475 191,082,427 89,476,667

Georgia .......................................... 133,534,121 17,455,474 110,351,503 85,493,826 22,973,018

Hawaii ............................................ 11,322,743 629,150 10,388,992 6,995,394 3,271,038

Idaho ............................................. 17,757,032 1,106,142 16,525,835 11,682,487 4,726,982

Illinois ............................................ 213,398,814 26,542,392 181,464,685 142,935,106 33,582,798

Indiana ........................................... 79,769,020 9,085,820 69,841,335 57,638,735 11,821,778

Iowa ............................................... 33,644,400 1,570,360 31,654,356 25,063,616 6,435,830

Kansas .......................................... 32,530,342 2,467,611 28,789,789 22,058,491 6,276,049

Kentucky........................................ 48,163,831 4,024,704 43,813,417 37,244,757 6,114,917

Louisiana ....................................... 44,633,551 2,423,775 41,704,938 32,950,158 8,357,928

Maine ............................................. 11,632,475 872,010 10,615,560 7,855,049 2,664,737

Maryland........................................ 74,778,539 4,484,199 69,775,758 53,837,101 14,990,231

Massachusetts .............................. 153,675,537 13,359,788 138,456,640 107,474,848 29,435,628

Michigan ........................................ 105,697,501 7,706,802 96,644,717 77,168,223 17,856,165

Minnesota ...................................... 119,248,590 13,050,615 105,219,762 91,388,498 13,216,193

Mississippi ..................................... 15,150,586 1,031,136 13,827,922 10,132,697 3,571,234

Missouri ......................................... 113,088,629 10,724,573 101,324,343 88,711,715 11,439,940

Montana ........................................ 9,953,853 263,480 9,598,108 6,405,926 3,068,759

Nebraska ....................................... 31,850,993 7,535,685 24,007,625 17,764,849 4,736,740

Nevada .......................................... 34,747,025 2,183,476 31,721,745 17,539,775 11,446,111

New Hampshire ............................. 17,668,931 504,343 16,529,584 11,583,454 4,419,952

New Jersey ................................... 180,536,085 29,541,383 148,717,152 117,439,678 29,291,852

New Mexico ................................... 12,476,365 294,579 11,853,810 8,586,540 3,136,710

New York ....................................... 373,831,039 39,096,901 329,380,624 251,017,119 73,729,937

North Carolina ............................... 120,610,471 12,862,857 106,934,700 84,565,880 20,989,467

North Dakota ................................. 9,435,606 527,407 8,843,839 6,149,684 2,585,886

Ohio ............................................... 186,359,863 15,204,923 163,513,367 141,382,766 20,729,249

Oklahoma ...................................... 38,169,020 4,149,182 29,970,692 21,908,174 6,884,358

See footnotes at end of table. 

21
FEDERAL FISCAL OPERATIONS 

TABLE FFO-5—Internal Revenue Receipts by State, 2023, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income tax, employment taxes, and estate and trust income tax

State or area 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

income tax 

withheld and 

FICA tax 3

(4) 

Individual 

 income tax 

 payments 

and SECA 

 tax 3

(5) 

Oregon .......................................... 40,995,246 2,405,956 37,616,069 27,942,762 9,202,495

Pennsylvania ................................. 174,389,169 17,753,552 153,200,549 122,555,797 28,342,788

Rhode Island ................................. 18,849,983 2,898,126 15,749,394 13,387,873 2,212,738

South Carolina .............................. 37,713,126 1,611,643 35,667,886 25,089,509 10,251,982

South Dakota ................................ 11,040,423 378,564 10,524,221 5,966,561 2,781,623

Tennessee .................................... 95,563,141 7,774,087 85,235,092 67,743,607 16,386,418

Texas ............................................. 413,010,962 33,595,913 346,764,665 246,146,892 90,002,883

Utah ............................................... 36,992,129 1,945,410 34,488,884 25,812,118 8,400,282

Vermont ......................................... 5,660,731 338,538 5,265,805 3,822,046 1,389,327

Virginia .......................................... 113,990,703 11,803,919 101,504,478 78,743,858 21,955,942

Washington ................................... 155,442,049 24,098,896 128,590,512 104,017,189 23,606,278

West Virginia ................................. 8,616,231 352,894 8,191,625 6,221,429 1,904,025

Wisconsin ...................................... 69,401,060 5,687,185 62,663,138 49,235,434 11,995,070

Wyoming ....................................... 7,234,493 253,500 6,837,789 2,854,473 3,058,807

U.S. Armed Service members 

overseas and Territories 

other than Puerto Rico .............. 813,270 47,532 764,668 614,187 142,764

Puerto Rico ................................... 5,140,301 67,231 5,049,116 4,013,133 994,313

International .................................. 17,416,692 4,498,027 12,270,447 6,517,458 5,715,148

Undistributed 6 ............................... 5,132,234 2,045,954 2,717,687 -1,567,187 4,267,889

See footnotes at end of table. 

22
FEDERAL FISCAL OPERATIONS 

TABLE FFO-5—Internal Revenue Receipts by State, 2023, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income tax, employment taxes, and estate and trust 

income tax -continued 

State or area 

Unemployment 

insurance 

tax 

(6) 

Railroad 

retirement 

tax 

(7) 

Estate 

and trust 

income 

tax 4

(8) 

Estate 

tax 

(9) 

Gift 

tax 

(10) 

Excise 

taxes 5

(11) 

United States, total........................... 7,946,725 7,218,291 52,250,447 33,780,186 1,654,075 74,248,765 

Alabama ............................................. 76,065 3,704 328,949 309,381 4,407 315,594 

Alaska ................................................. 13,268 2,509 188,019 36,685 24 59,062 

Arizona ............................................... 140,446 2,979 493,908 215,301 6,338 970,874 

Arkansas ............................................ 143,905 3,734 193,305 296,189 15,315 643,505 

California ............................................ 1,134,809 18,231 2,014,700 4,524,095 104,312 4,189,982 

Colorado ............................................. 114,424 22,084 770,368 277,427 19,127 643,153 

Connecticut ........................................ 87,665 4,103 1,085,136 896,338 33,241 164,003 

Delaware ............................................ 30,666 38 2,052,292 715,041 512 17,556 

District of Columbia ............................ 16,532 718,137 99,225 125,825 6,164 45,982 

Florida ................................................ 517,146 818,834 4,203,400 2,747,169 166,331 1,895,703 

Georgia ............................................... 267,182 787,471 830,006 474,714 18,731 5,233,699 

Hawaii ................................................. 17,661 0 104,900 73,880 7,443 223,278 

Idaho .................................................. 41,248 831 74,286 58,925 398 65,732 

Illinois ................................................. 391,562 455,775 4,099,443 820,207 48,479 4,523,051 

Indiana ................................................ 116,964 19,528 244,331 204,213 62,949 574,703 

Iowa .................................................... 56,722 11,370 86,818 56,124 2,555 361,005 

Kansas ............................................... 74,685 90,862 289,703 180,895 8,511 1,083,537 

Kentucky............................................. 73,802 18,292 361,648 89,595 7,634 228,481 

Louisiana ............................................ 72,093 6,775 317,984 148,997 960 354,881 

Maine .................................................. 20,693 3,790 71,290 46,029 62,910 35,966 

Maryland............................................. 125,425 26,585 796,416 325,596 50,164 142,822 

Massachusetts ................................... 191,974 97,966 1,256,225 727,526 148,862 982,721 

Michigan ............................................. 207,937 13,508 1,398,883 753,166 35,067 557,748 

Minnesota ........................................... 197,029 105,961 312,082 237,387 24,813 716,013 

Mississippi .......................................... 35,527 2,543 85,920 82,729 19,175 189,624 

Missouri .............................................. 148,441 146,387 877,859 361,610 26,800 651,303 

Montana ............................................. 19,935 33,009 70,479 65,055 711 26,499 

Nebraska ............................................ 41,523 1,324,896 139,617 167,129 1,788 138,766 

Nevada ............................................... 52,683 210 2,682,966 575,370 26,685 239,749 

New Hampshire .................................. 23,789 65 502,324 186,054 4,941 444,008 

New Jersey ........................................ 218,671 218,273 1,548,677 497,316 4,869 1,775,365 

New Mexico ........................................ 23,217 401 106,943 307,163 1,364 19,449 

New York ............................................ 515,921 649,681 3,467,966 2,799,155 151,524 2,402,834 

North Carolina .................................... 229,685 13,648 1,136,019 509,836 7,199 295,879 

North Dakota ...................................... 14,669 10,445 83,156 18,846 1,024 44,490 

Ohio .................................................... 281,341 32,287 1,087,723 820,982 56,582 6,764,009 

Oklahoma ........................................... 69,883 3,274 1,105,004 158,870 46,029 3,844,248 

See footnotes at end of table. 

23
FEDERAL FISCAL OPERATIONS 

TABLE FFO-5—Internal Revenue Receipts by State, 2023, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income tax, employment taxes, and estate and 

trust income tax -continued 

State or area 

Unemployment 

insurance 

tax 

(6) 

Railroad 

retirement 

tax 

(7) 

Estate 

and trust 

income 

tax 4

(8) 

Estate 

tax 

(9) 

Gift 

tax 

(10) 

Excise 

taxes 5

(11) 

Oregon ............................................... 100,699 3,359 366,754 296,261 42,146 634,813

Pennsylvania ...................................... 313,939 81,745 1,906,280 849,854 52,920 2,532,293

Rhode Island ...................................... 35,950 2 112,832 177,463 3,942 21,057

South Carolina ................................... 69,543 2,204 254,648 113,822 17,799 301,976

South Dakota ..................................... 14,485 1,122 1,760,430 83,842 8,999 44,797

Tennessee ......................................... 205,110 2,747 897,210 273,766 8,907 2,271,289

Texas .................................................. 643,660 1,421,889 8,549,341 9,026,040 151,027 23,473,316

Utah .................................................... 76,357 2,853 197,274 120,718 569 436,549

Vermont .............................................. 9,216 3,478 41,739 31,873 516 24,000

Virginia ............................................... 184,361 8,090 612,227 425,476 72,081 184,748

Washington ........................................ 264,686 14,968 687,391 475,667 291,624 1,985,351

West Virginia ...................................... 14,507 980 50,684 26,692 187 44,833

Wisconsin ........................................... 131,971 2,223 1,298,440 323,932 10,542 716,264

Wyoming ............................................ 8,912 639 914,957 90,889 4,983 47,332

U.S. Armed Service members 

overseas and Territories other 

than Puerto Rico ............................ 6,840 0 876 0 4 1,067

Puerto Rico ....................................... 36,100 0 5,571 18,263 0 5,690

International ...................................... 8,312 3,707 25,822 151,230 33,802 463,187

Undistributed 6 ................................... 16,889 95 0 403,576 -229,912 194,929

1 Gross collections include penalties and interest in addition to taxes. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3 Collections of withheld individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and individual income tax 

payments along with taxes on self-employment income (under the Self-Employment 

Insurance Contributions Act or SECA). Thus, while Table 1 shows these amounts separately 

for the United States total, separate amounts are not available by state. 

4Includes collections of estimated estate and trust income taxes and payments made in 

conjunction with estate and trust tax return filings. 

5 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol 

and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on 

alcohol and tobacco until Fiscal Year (FY) 1988 and taxes on firearms until FY 1991. 

6 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed.

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners, who 

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds equal 

net collections. See Table 1 for refunds and net collections. 

Note— Collection and refund data may not be comparable for a given fiscal year 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2023 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 7 and 8 for refund data by state. 

Note— Classification by state is based on the individual’s address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors may use their business addresses. Such addresses could have 

been located in a state other than the state in which the individual resided. 

Similarly, taxes withheld and reported by employers located near a state 

boundary might include substantial amounts withheld from salaries of employees 

who reside in a neighboring state. Also, while taxes of corporations may be paid 

from the principal office, the operations of these corporations may be located in 

one or more other state(s). 

Detail may not add to totals because of rounding. 

SOURCE: Office of Chief Financial Officer, Financial Management 

24
Headquarters: 

Revenue Division, Indianapolis, IN............................. $4,425,443,570.01 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC............................. 07543 ............. 334,641.37 

USCBP Vancouver, Preclearance, 

 Washington, DC............................. 37922 ............. 693,805.69 

USCBP Calgary, Preclearance, 

 Washington, DC............................ 37923 ............. 1,351,394.56 

USCBP Edmonton, 

 Preclearance, Washington, DC..... 37924 ............. 265,207.73 

USCBP Montreal, Preclearance, 

 Washington, DC............................ 37925 ............. 796,703.00 

USCBP Toronto, Preclearance, 

 Washington, DC............................ 37926 ............. 2,302,873.09 

USCBP Winnipeg, Preclearance, 

 Washington, DC............................ 37928 ............. 183,675.71 

USCBP Ottawa, Preclearance, 

 Washington, DC............................ 37929 ............. 59,675.44 

USCBP Victoria, Preclearance, 

 Washington, DC............................ 37930 ............. 42,963.00 

USCBP Halifax Preclearance, 

Washington, DC............................... 37931 ............. 28,433.21 

USCBP St. Thomas, 

 Preclearance, Wash. D.C ............ 47401 ............. 218,034.13 

USCBP St. Croix, 

 Preclearance, Wash. D.C ............. 47404 ............. 12,111.80 

USCBP Bermuda, Preclearance, 

 Washington, DC............................ 47421 ............. 18,505.97 

USCBP Nassau, Preclearance, 

 Washington, DC............................ 47423 ............. 233,560.01 

USCBP Aruba, Preclearance, 

 Washington, DC............................ 47424 ............. 380,185.97 

USCBP Dublin Preclearance, 

 Washington, DC............................ 57541 ............. 344,148.36 

USCBP Shannon Preclearance, 

 Washington, DC............................ 57542 ............. 8,351.99 

Total District .......................................................... $7,274,271.03 

Portland, Maine: 

Portland, ME .................................... 10101 ............. 27,376,320.70 

Bangor, ME ...................................... 10102 ............. 681,402.89 

Eastport, ME .................................... 10103 ............. 83,066.77 

Jackman, ME ................................... 10104 ............. 9,432,569.29 

Vanceboro, ME ................................ 10105 ............. 4,740,329.84 

Houlton, ME ..................................... 10106 ............. 13,919,503.23 

Fort Fairfield, ME.............................. 10107 ............. 22,254.32 

Van Buren, ME................................. 10108 ............. 6,048,266.07 

Madawaska, ME............................... 10109 ............. 58,475.84 

Fort Kent, ME............................. 10110.......... 193,402.66 

Bath, ME........................................... 10111 ............. 0.00 

Bar Harbor, ME ................................ 10112 ............. 12,681.55 

Calais, ME........................................ 10115 ............. 3,909,082.57 

Limestone, ME ................................. 10118 ............. 73.46 

Bridgewater, ME............................... 10127 ............. 56,054.52 

Portsmouth, NH................................ 10131 ............. 2,072,625.28 

Belfast, ME....................................... 10132 ............. 0.00 

Searsport, ME .................................. 10152 ............. 159,886.22 

Manchester-Boston Reg. Airport, NH......... 10182 ............. 92,422.68 

Total District .......................................................... $68,858,417.89 

St. Albans, Vermont: 

St. Albans, VT .................................. 10201 ............. 315,649.77 

Richford, VT ..................................... 10203 ............. 48,576.58 

Beecher Falls, VT............................. 10206 ............. 1,502,681.42 

Burlington INTL Airport, VT.............. 10207 ............. 1,106,266.17 

Derby Line, VT ................................. 10209 ............. 13,133,104.23 

Norton, VT........................................ 10211 ............. 3,936,316.34 

Highgate Springs, VT....................... 10212 ............. 56,260,214.05 

Newport Border Patrol, VT........... 10253.......... 0.00 

Total District .......................................................... $76,302,808.56 

Boston, Massachusetts: 

Boston, MA....................................... 10401 ............. 474,554,890.24 

Springfield, MA................................. 10402 ............. 1,205,006.49 

Worcester, MA ................................. 10403 ............. 31,090,651.53 

Gloucester, MA ................................ 10404 ............. 99,878.80 

New Bedford, MA............................. 10405 ............. 7,969,432.51 

Plymouth, MA................................... 10406 ............. 1,767,975.46 

Fall River, MA................................... 10407 ............. 350,117.20 

Salem, MA........................................ 10408 ............. 40,348,660.13 

Bridgeport, CT.................................. 10410 ............. 863,512.07 

Hartford, CT ..................................... 10411 ............. 8,717,960.16 

New Haven, CT................................ 10412 ............. 34,739,393.29 

New London, CT .............................. 10413 ............. 1,818,735.53 

Lawrence, MA .................................. 10416 ............. 7,973.25 

Boston Logan INTL Airport, MA....... 10417 ............. 131,775,603.49 

Hanscom Field Civil Air Terminal, MA...... 10481 ............. 333,137.29 

Waterbury-Oxford Airport, CT.............. 10482 ............. 7,278.27 

Total District .......................................................... $735,650,205.71 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 ............. 324,024.24 

Providence, RI.................................. 10502 ............. 117,333,893.59 

Total District .......................................................... $117,657,917.83 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 ............. 9,713,057.15 

Massena, NY .................................... 10704 ............. 2,701,317.71 

Alexandria Bay, NY.......................... 10708 ............. 40,760,974.07 

Champlain, NY................................. 10712 ............. 187,447,353.59 

Trout River, NY ................................ 10715 ............. 20,589,133.75 

 Plattsburgh INTL Airport, NY........ 10781.......... 5,140.75 

Total District .......................................................... $261,216,977.02 

Buffalo, New York: 

Buffalo, NY ....................................... 10901 ............. 465,601,984.96 

Rochester, NY.................................. 10903 ............. 7,263,565.99 

Oswego, NY..................................... 10904 ............. 2,638,282.64 

Syracuse, NY ................................... 10906 ............. 20,219,367.95 

Greater Binghamton Airport, NY...... 10981 ............. 9,977.22 

Griffiss International Airport, NY ...... 10982 ............. 0.00 

Ithaca Tompkins INTL Airport, NY 10983.......... 5,802.52 

Total District .......................................................... $495,738,981.28 

Philadelphia, Pennsylvania: 

Philadelphia, PA............................... 11101 ............. 504,191,408.72 

Chester, PA...................................... 11102 ............. 195,331,040.74 

Wilmington, DE ................................ 11103 ............. 37,598,341.06 

Pittsburgh, PA .................................. 11104 ............. 111,019,178.44 

Wilkes-Barre/Scranton, PA .............. 11106 ............. 82,452,820.41 

Philadelphia International 

 Airport, PA..................................... 11108 ............. 43,534,613.90 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports 

[Source: U.S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

25
Philadelphia, Pennsylvania, continued: 

Harrisburg, PA............................... 11109 ..................... 96,450,890.63 

Allentown, PA........................ 11119......... 50,432,690.67 

Atlantic City INTL Airport, NJ ........ 11182 ..................... 13,854.39 

Trenton-Mercer Airport, PA........... 11183 ..................... 89,905.20 

UPS, Philadelphia, PA .................. 11195 ..................... 76,706,615.01 

Total District ............................................................... $1,197,821,359.17 

Baltimore, Maryland: 

Annapolis, MD .................................. 11301 ..................... 369,075.87 

Cambridge, MD.............................. 11302 ..................... 0.00 

Baltimore, MD ............................... 11303 ..................... 1,881,119,711.13 

Crisfield, MD......................... ... 11304.................. 0.00 

Balt./Wash. INTL Airport, MD........ 11305 ..................... 25,606,439.00 

Total District ............................................................... $1,907,095,226.00 

New York, New York: 

New York, NY................................ 21001 ..................... 536,635,090.72 

Albany, NY .................................... 21002 ..................... 4,152,204.53 

Fishkill, NY (ICE)........................... 21006 ..................... 0.00 

New York, NY/Newark, NJ............ 24601 ..................... 10,424,918,055.19 

Perth Amboy, NJ ........................... 24602 ..................... 6,741,122.51 

UPS, Newark, NJ .......................... 24670 ..................... 39,898,709.50 

FedEx Newark, NJ ........................ 24671 ..................... 39,609,308.48 

Morristown Airport, NJ .................. 24681 ..................... 148,300.08 

New York Stewart International 

Airport, NY..................................... 24682 ..................... 196,808.22 

John F. Kennedy International 

Airport, NY..................................... 24701 ..................... 1,426,228,912.60 

NYACC JFK INTL Airport, NY ....... 24771 ..................... 4,123,482.56 

DHL JFK INTL Airport, NY............ 24772 ..................... 125,100,704.05 

Micom JFK INTL Airport, NY......... 24773 ..................... 168,944.94 

IBC JFK INTL Airport NY .............. 24774 ..................... 256,274.59 

FedEx JFK INTL Airport, NY ........... 24778 ..................... 5,803.09 

Total District ............................................................... $12,608,183,721.06 

Great Falls, Montana: 

Raymond, MT................................ 33301 ..................... 5,451,156.96 

Eastport, ID ................................... 33302 ..................... 17,694,523.55 

Salt Lake City, UT ......................... 33303 ..................... 281,996,107.19 

Great Falls INTL Airport, MT......... 33304 ..................... 2,461,994.49 

Butte Airport, MT........................... 33305 ..................... 70,744.98 

Turner, MT .................................... 33306 ..................... 32,724.35 

Denver, CO ................................... 33307 ..................... 207,405,376.16 

Porthill, ID...................................... 33308 ..................... 17,556.35 

Scobey, MT................................... 33309 ..................... 65,909.46 

Sweetgrass, MT ............................ 33310 ..................... 44,465,647.25 

Piegan, MT.................................... 33316 ..................... 74,836.23 

Opheim, MT .................................. 33317 ..................... 375.82 

Roosville, MT ................................ 33318 ..................... 3,019,139.83 

Morgan, MT................................... 33319 ..................... 155,784.52 

Del Bonita, MT .............................. 33322 ..................... 54,001.81 

Wild Horse, MT ............................. 33323 ..................... 7,408.86 

Kalispell Airport, MT...................... 33324 ..................... 2,114.27 

Willow Creek, MT.......................... 33325 ..................... 2,735.05 

Billings, MT (ICE) ...................... 33326 ................. 0.00 

Rocky Mtn Metro Airport, CO........ 33383 ..................... 72,552.19 

Centennial Airport, CO.................. 33384 ..................... 87,801.98 

Eagle County Regional 

 Airport, CO ................................. 33385 ..................... 89,818.19 

Bozeman Yellowstone INTL Airport, 

MT ........................................................ 33386 ..................... 19,879.66 

Total District ............................................................... $563,248,189.15 

Pembina, North Dakota: 

Pembina, ND.................................. 33401..................... 71,417,451.72 

Portal, ND....................................... 33403..................... 74,834,569.59 

Neche, ND...................................... 33404..................... 13,177.63 

St. John, ND................................... 33405..................... 2,729.43 

Northgate, ND ................................ 33406..................... 63,325.52 

Walhalla, ND .................................. 33407..................... 16,612.32 

Hannah, ND .................................. 33408 ..................... 13.79 

Sarles, ND..................................... 33409 ..................... 151.93 

Hector International Airport, ND.... 33411 ..................... 3,405,348.53 

Antler, ND...................................... 33413 ..................... 556.56 

Sherwood, ND............................... 33414 ..................... 173,115.89 

Hansboro, ND ............................... 33415 ..................... 3,721.50 

Maida, ND ..................................... 33416 ..................... 1,066.46 

Fortuna, ND................................... 33417 ..................... 9,331.10 

Westhope, ND............................... 33419 ..................... 1,942.87 

Noonan, ND .................................. 33420 ..................... 5,771.68 

Carbury, ND .................................. 33421 ..................... 2,909.73 

Dunseith, ND................................. 33422 ..................... 1,380,384.73 

Warroad, MN................................. 33423 ..................... 237,991.96 

Baudette, MN ................................ 33424 ..................... 20,172.09 

Pinecreek, MN............................... 33425 ..................... 72.00 

Roseau, MN .................................. 33426 ..................... 131,558.60 

Mark Andrews INTL Airport, ND ... 33427 ..................... 17,340,467.60 

Lancaster, MN............................... 33430 ..................... 242,486.09 

Williston Basin INTL Airport, ND... 33433 ..................... 575.35 

Minot INTL Airport, ND............... 33434.................. 2,102.11 

Total District ............................................................... $169,307,606.78 

Minneapolis, Minnesota: 

Minneapolis, MN ........................... 33501 ..................... 574,924,605.54 

Sioux Falls Regional Airport, SD .. 33502 ..................... 3,211,258.27 

St Paul Downtown Airport, SD...... 33504 ..................... 0.00 

Duluth, MN/Superior, WI ............... 33510 ..................... 668,197.05 

Ashland, WI................................ 33511.................. 0.00 

Omaha, NE .................................. 33512 ..................... 170,020,874.28 

Des Moines, IA.............................. 33513 ..................... 7,585,318.41 

Rochester, MN .............................. 33581 ..................... 56,425.42 

Total District ............................................................... $756,466,678.97 

International Falls, Minnesota: 

International Falls, MN.................. 33604 ..................... 143,535,687.55 

Grand Portage, MN....................... 33613 ..................... 1,623,428.06 

Total District ............................................................... $145,159,115.61 

Milwaukee, Wisconsin: 

General Mitchell INTL Airport, 

WI .................................................. 33701 ..................... 51,147,302.64 

Marinette, WI................................. 33702 ..................... 20,839.24 

Green Bay Austin Straubel INTL 

Airport, WI ..................................... 33703 ..................... 4,317,851.95 

Manitowoc, WI............................... 33706 ..................... 8,761.58 

Racine, WI..................................... 33708 ..................... 260,080.51 

Appleton INTL Airport, WI............. 33781 ..................... 25,389.97 

Sheyboygan County Memorial 

Airport, WI......................................... 33782 ..................... 7,826.10 

Total District ............................................................... $55,788,051.99 

Detroit, Michigan: 

Detroit, MI...................................... 33801 ..................... 1,564,822,179.33 

Port Huron, MI............................... 33802 ..................... 346,406,527.87 

Sault Sainte Marie, MI................... 33803 ..................... 8,930,398.76 

Saginaw/Bay City/Flint, MI ............ 33804 ..................... 680,192.28 

Battle Creek, MI ............................ 33805 ..................... 16,035,055.17 

Grand Rapids, MI.......................... 33806 ..................... 24,186,084.79 

Detroit Metropolitan Airport, MI..... 33807 ..................... 182,394,125.78 

Marquette, MI ................................ 33809 ..................... 1,515.13 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

26
Detroit, MI continued: 

Algonac, MI .................................... 33814................... 1,931.00 

Muskegon, MI................................. 33815................... 3,153.84 

Grand Haven, MI............................ 33816................... 0.00 

DeTour Village, MI.............................. 33819................... 1,491.94 

Oakland County Intl Airport, MI.......... 33881................... 47,935.81 

Willow Run Airport, MI ................... 33882................... 38,236.38 

Capital Region Intl Airport, MI........ 33883................... 487,926.65 

Total District ............................................................. $2,144,036,754.73 

Chicago, Illinois 

Chicago, IL ..................................... 33901................... 6,274,252,222.19 

Peoria, IL........................................ 33902................... 26,194,333.34 

Gary/Chicago INTL Airport, IN....... 33905................... 23,639.40 

Davenport, IA/Moline-Rock 

Island, IL............................................. 33908................... 219,757.41 

Chicago Rockford INTL Airport, IL ........ 33909................... 46,403,636.92 

Midway International Airport, IL ..... 33910................... 208,017.17 

IBC Chicago, IL .............................. 33972................... 2,381.09 

Waukegan National Airport, IL....... 33981................... 33,180.51 

Chicago Executive Airport, IL......... 33983................... 94,026.20 

Dupage County Airport, IL ............. 33984................... 50,680.05 

Decatur Airport, IL.......................... 33985................... 0.00 

South Bend International 

Airport, IN....................................... 33986................... 21,495.94 

Williard Airport, IL....................... 33987............... 9,874.77 

DHL Chicago, IL............................. 33991................... 1,549,495.81 

Total District ............................................................. $6,349,062,740.80 

Cleveland, Ohio: 

Cleveland, OH .................................. 34101.................... 561,679,423.25 

Cincinnati, OH/Erlanger, KY................ 34102.................... 524,460,973.18 

Columbus, OH.................................. 34103.................... 1,049,745,111.85 

Dayton, OH....................................... 34104.................... 26,720,160.26 

Toledo-Sandusky-Port Clinton, OH... 34105.................... 39,295,454.45 

Erie, PA ............................................ 34106.................... 11,932,170.29 

Northern Kentucky, KY (ICE)............ 34107.................... 32,298.00 

Indianapolis, IN................................. 34110.................... 466,578,597.71 

Louisville, KY.................................... 34115.................... 398,868,734.05 

Evansville, IN.................................... 34116.................... 60,970,130.89 

Ashtabula/Conneaut, OH.................. 34122.................... 670,842.75 

London, KY (ICE).............................. 34130.................... 335.27 

Fort Wayne INTL Airport, IN ............. 34183.................... 1,916,758.27 

Blue Grass Airport, KY...................... 34184.................... 43,647.15 

UPS Louisville, KY............................ 34196.................... 750,069,580.67 

DHL Cincinnati, OH .......................... 34197.................... 600,241,863.01 

FedEx Indianapolis, IN...................... 34198.................... 147,805,368.00 

Total District ............................................................ $4,641,031,449.05 

St. Louis, Missouri: 

Kansas City, MO............................ 34501................... 799,874,165.06 

St. Joseph, MO .............................. 34502................... 0.00 

St. Louis, MO ................................. 34503................... 364,277,538.09 

Wichita, KS..................................... 34504................... 3,354,682.95 

Springfield, MO .............................. 34505................... 16,326,890.67 

Spirit of St Louis Airport, MO ......... 34506................... 514.45 

MidAmerica St Louis Airport, MO...... 34581................... 0.00 

Total District ............................................................. $1,183,833,791.22 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901................... 1,148,078.11 

Fajardo, PR.................................... 44904................... 2,295,191.61 

Mayaguez, PR................................ 44907................... 73,943.65 

Ponce, PR...................................... 44908................... 9,215,868.81 

San Juan, PR................................. 44909................... 299,224,643.13 

Luis Munoz Marin International 

Airport, PR........................................... 44913................... 18,275,327.05 

Total District ............................................................. $330,233,052.36

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101................... 10,602,438.16 

Cruz Bay, VI ................................... 45102................... 146,913.80 

Christiansted, VI............................. 45104................... 5,044,210.29 

Total District ............................................................. $15,793,562.25 

Miami, Florida: 

Miami Seaport, FL.......................... 45201................... 1,334,764,929.93 

Key West, FL.................................. 45202................... 21,621.84 

Port Everglades/Fort Lauderdale, FL .... 45203................... 359,986,785.41 

West Palm Beach, FL .................... 45204................... 14,387,386.67 

Fort Pierce, FL ............................... 45205................... 12,992.50 

Miami International Airport, FL....... 45206................... 269,446,785.20 

Fort Lauderdale International 

 Airport, FL ................................... 45210................... 7,600,116.61 

West Palm Beach Border Patrol, 

FL............................................... 45252............... 0.00 

UPS Miami International Airport, 

 FL (Inactive) ................................ 45273................... 0.00 

Marathon International Airport, FL..... 45281................... 22,060.05 

Boca Raton Airport, FL....................... 45282................... 153,188.09 

Witham Field, FL 45283................... 72,572.42 

UPS Miami International 

 Airport, FL ................................... 45295................... 2,254,992.61 

DHL Miami INTL Airport, FL........... 45296................... 35,192,538.48 

FedEx Miami INTL Airport, FL ....... 45297................... 12,578,378.51 

IBC Miami INTL Airport, FL............ 45298................... 30,364.87 

Miami Seaport, FL (Alternate)........ 45299................... 2,800,097.09 

Total District ............................................................. $2,039,324,810.28 

Washington, DC: 

Washington-Dulles, VA.................. 45401................... 80,795,896.27 

R. Regan Wash. Nat. Airport, VA.......... 45402................... 0.00 

Total District ............................................................. $80,795,896.27 

Norfolk, Virginia: 

Norfolk-Newport News, VA ............ 41401................... 2,192,717,794.64 

Richmond-Petersburg, VA ............. 41404................... 28,415,123.82 

Charleston, WV.............................. 41409................... 13,565,414.89 

Front Royal, VA.............................. 41410................... 1,583,953.95 

New River Valley Airport, VA ......... 41412................... 428.30 

Total District ............................................................. $2,236,282,715.60 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501................... 302,092,523.46 

Greensboro/Winston-Salem, NC ... 41502................... 156,042,830.22 

Raleigh-Durham, NC...................... 41503................... 35,382,233.28 

Morehead City-Beaufort, NC.......... 41511................... 4,463,472.35 

Charlotte, NC ................................. 41512................... 188,970,690.91 

Charlotte-Monroe Exec. Airport, NC ..... 41581................... 0.00 

Total District ............................................................. $686,951,750.22 

Charleston, South Carolina: 

Charleston, SC............................... 41601................... 2,959,867,001.96 

Georgetown, SC............................. 41602................... 5,118.83 

Greenville-Spartanburg, SC............. 41603................... 330,726,148.80 

Columbia, SC................................. 41604................... 25,495,529.18 

Greer, SC (ICE).............................. 41608................... 246.00 

Myrtle Beach International 

 Airport, SC...................................... 41681................... 6,981.19 

Total District ............................................................. $3,316,101,025.96 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

27
Savannah, Georgia: 

Brunswick, GA................................ 41701........................ 364,072,721.79 

Savannah, GA................................ 41703........................ 5,683,987,409.43 

Atlanta, GA..................................... 41704........................ 1,218,495,562.02 

Albany, GA (ICE)............................ 41705........................ 0.00 

Dalton, GA (ICE) ............................ 41706........................ 0.00 

Cobb County International 

 Airport, GA .................................. 41781........................ 0.00 

DHL Atlanta, GA............................. 41791........................ 16,155,856.10 

Total District .................................................................. $7,282,711,549.34 

Tampa, Florida: 

Tampa, FL ........................................ 41801.......................... 339,621,813.32 

Jacksonville, FL ................................ 41803.......................... 781,208,128.75 

Tallahassee, FL (ICE)....................... 41804.......................... 6,514.37 

Fernandina Beach, FL ...................... 41805.......................... 371,658.29 

Orlando INTL Airport, FL................... 41808.......................... 42,367,222.58 

Orlando Sanford INTL Airport, FL ..... 41809.......................... 210,820.32 

Sarasota/Bradenton, FL (ICE).... 41811.......................... 0.00 

St. Petersburg, FL............................. 41814.......................... 11,997,864.03 

Cape Canaveral, FL.......................... 41816.......................... 16,731,673.31 

Panama City, FL............................... 41818.......................... 14,180,558.29 

Pensacola, FL................................... 41819.......................... 10,591,625.88 

Port Manatee, FL.............................. 41821.......................... 30,225,995.69 

Ft. Myers, FL .................................... 41822.......................... 289,424.97 

Naples Airport, FL............................. 41880.......................... 48,070.31 

Lakeland Linder Airport, FL............... 41881.......................... 12,794.02 

Sarasota Bradenton INTL Airport, 

FL ..................................................... 41883.......................... 43,743.71 

Daytona Beach International 

Airport, FL ................................... 41884.......................... 13,189.41 

Melbourne INTL Airport, FL .............. 41885.......................... 1,230,370.52 

Leesburg INTL Airport, FL ................ 41887.......................... 12,857.37 

Orlando Executive Airport, FL........... 41888.......................... 85,111.04 

St. Augustine, FL .............................. 41889.......................... 25,638.65 

Total District....................................................................... $1,249,275,074.83 

Mobile, Alabama: 

Mobile, AL ...................................... 51901........................ 621,988,893.47 

Gulfport, MS................................... 51902........................ 51,932,474.05 

Pascagoula, MS............................. 51903........................ 4,014,368.62 

Birmingham, AL.............................. 51904........................ 158,751,223.10 

Huntsville, AL ................................. 51910........................ 56,445,567.45 

Total District .................................................................. $893,132,526.69 

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001........................ 8,494,570.09 

New Orleans, LA............................ 52002........................ 742,478,120.84 

Little Rock, AR ............................... 52003........................ 9,784,687.13 

Baton Rouge, LA............................ 52004........................ 17,703,601.95 

Memphis, TN.................................. 52006........................ 1,302,583,166.87 

Nashville, TN.................................. 52007........................ 396,114,088.12 

Chattanooga, TN............................ 52008........................ 15,405,988.59 

Gramercy, LA................................. 52010........................ 32,785,612.90 

Greenville, MS................................ 52011........................ 659.10 

Vicksburg, MS................................ 52015........................ 30,580,273.28 

Knoxville, TN.................................. 52016........................ 47,843,551.77 

Lake Charles, LA............................ 52017........................ 17,267,894.22 

Shreveport/Bossier City, LA........... 52018........................ 2,382,168.43 

Tri-Cities Airport, TN........................... 52027........................ 11,633.06 

Rogers Municipal Airport, AR......... 52084........................ 25,136.56 

FedEx Memphis, TN........................... 52095........................ 798,256,450.80 

Total District .................................................................. $3,421,717,603.71 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101........................ 27,820,162.47 

Sabine, TX ..................................... 62102........................ 5,991.89 

Orange, TX..................................... 62103........................ 0.00 

Beaumont, TX ................................ 62104........................ 1,235,174.28 

Border Patrol Sector HQ, AZ...... 62150.................... 26,741.59 

Blythe Border Patrol, CA................ 62151........................ 470,173.00 

Yuma Border Patrol, AZ................. 62152........................ 15,867.00 

Wellton Border Patrol, AZ .............. 62153........................ 2,771.18 

Total District .................................................................. $29,576,881.41 

Laredo, Texas:

Border Patrol Sector HQ, 

TX................................................... 62250........................ 19,801.67 

 Laredo Del Mar Border Patrol, TX..... 62251........................ 224,534.00 

Cotulla Border Patrol, TX............... 62252........................ 47,395.00 

Hebbronville Border Patrol, TX...... 62253........................ 38,968.00 

Laredo South Border Patrol, TX .... 62254........................ 22,175.00 

Freer Border Patrol, TX.................. 62256........................ 14,206.00 

Zapata Border Patrol, TX............... 62258........................ 14,517.00 

Laredo West Border Patrol, TX...... 62259........................ 6,826.00 

Brownsville, TX .............................. 62301........................ 87,295,542.47 

Del Rio, TX..................................... 62302........................ 10,659,797.76 

Eagle Pass, TX .............................. 62303........................ 454,204,027.68 

Laredo, TX ..................................... 62304........................ 1,739,612,892.47 

Hidalgo, TX .................................... 62305........................ 225,559,466.92 

Rio Grande City, TX....................... 62307........................ 1,726,449.33 

Progreso, TX.................................. 62309........................ 1,346,268.82 

Roma, TX ....................................... 62310........................ 715,879.63 

Border Patrol Sector HQ, TX...... 62350.................... (16,259.39) 

Comstock Border Patrol, TX .......... 62351........................ 14,622.60 

Carrizo Springs Border 

 Patrol, TX .................................... 62352........................ 153,541.81 

Del Rio Border Patrol, TX .............. 62353........................ 161,640.00 

Eagle Pass Border Patrol, TX........ 62354........................ 33,180.00 

Brackettville Border Patrol, TX....... 62355........................ 64,598.82 

Uvalde Border Patrol, TX............... 62356........................ 23,713.09 

Rocksprings Border Patrol, TX 62357........................ 1,500.00 

Llano Border Patrol, TX ................. 62358........................ 0.00 

Border Patrol Sector HQ, TX ......... 62361........................ 84,738.07 

Mercedes Border Patrol, TX .......... 62362........................ 1,500.00 

McAllen Border Patrol, TX ............. 62365........................ 1,000.00 

South Texas INTL Airport at 

Edinburg, TX......................................... 62381........................ 0.00 

Valley International Airport, 

 TX............................................... 62383........................ 175,025.07 

Total District .................................................................. $2,522,207,547.82 

El Paso, Texas: 

Ysleta, TX....................................... 62401........................ 317,453,588.38 

El Paso, TX .................................... 62402........................ 138,595,468.44 

Presidio, TX.................................... 62403........................ 564,135.80 

Tornillo, TX..................................... 62404........................ 108,539.45 

Columbus, NM ............................... 62406........................ 364,236.66 

Albuquerque, NM........................... 62407........................ 1,554,619.98 

Santa Teresa, NM.......................... 62408........................ 57,317,933.18 

Fort Hancock, TX........................ 62409.................... 0.00 

Santa Teresa Airport, NM........... 62481.................... 0.00 

Total District .................................................................. $515,958,521.89 

Nogales, Arizona:

Douglas, AZ ................................... 62601........................ 4,876,495.71 

Lukeville, AZ................................... 62602........................ 210,409.43 

Naco, AZ ........................................ 62603........................ 87,085.27 

Nogales, AZ ................................... 62604........................ 257,793,877.47 

Phoenix, AZ.................................... 62605........................ 150,763,601.82 

Sasabe, AZ .................................... 62606........................ 32,172.26 

San Luis, AZ................................... 62608........................ 5,772,720.42 

Tucson, AZ..................................... 62609........................ 6,482,685.52 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

28
TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

Nogales, AZ - continued 

Yuma, AZ (ICE) ................................ 62611...................... 0.00 

Border Patrol Sector HQ, AZ............ 62650...................... 48,904.06 

Casa Grande Border Patrol, AZ ....... 62651...................... 95,879.01 

Tucson Border Patrol, AZ................. 62652...................... 299,849.45 

Nogales Border Patrol, AZ ............... 62653...................... 72,848.00 

Willcox Border Patrol, AZ ................. 62654...................... 141,552.27 

Douglas Border Patrol, AZ ............... 62655...................... 30,973.00 

Ajo Border Patrol, AZ........................ 62656...................... 42,940.00 

Naco Border Patrol, AZ .................... 62657...................... 149,996.00 

Sonoita Border Patrol, AZ ................ 62658...................... 113,175.00 

Scottsdale Airport, AZ....................... 62681...................... 39,396.50 

Phoenix-Mesa Gateway Airport, AZ .... 62682...................... 25,660.82 

Total District..................................................... $427,080,222.01 

Houston, Texas: 

Houston, TX...................................... 65301...................... 5,659,829,236.33 

Texas City, TX .................................. 65306...................... 16,842,929.15 

George Bush 

 Intercontinental Airport, TX............ 65309...................... 188,337,808.56 

Galveston, TX................................... 65310...................... 35,270,581.06 

Freeport, TX...................................... 65311...................... 59,729,619.57 

Corpus Christi, TX ............................ 65312...................... 25,079,590.77 

Port Lavaca, TX................................ 65313...................... 8,574,172.36 

William P Hobby Airport, TX............. 65314...................... 71,535.08 

Border Patrol Sector HQ, TX............ 65350...................... (113,996.00) 

Mercedes Border 

 Patrol, TX....................................... 65351...................... 770,221.00 

Falfurrias Border Patrol, TX.............. 65352...................... 320,920.00 

Rio Grande City Border Patrol, TX... 65353...................... 17,739.18 

McAllen Border Patrol, TX................ 65354...................... 59,535.77 

Brownsville Border Patrol, TX .......... 65355...................... 2,000.00 

Harlingen Border Patrol, TX ............. 65356...................... 9,732.00 

Kingsville Border Patrol, TX ............. 65357...................... 144,400.00 

Fort Brown Border Patrol, TX........... 65358...................... 8,750.00 

Corpus Christi Border Patrol, TX...... 65359...................... 4,250.00 

Sugar Land Regional Airport, TX ..... 65381...................... 102,501.92 

Conroe-North Houston Reg Airport, TX ... 65382...................... 72,128.96 

Total District................................................................... $5,995,133,655.71 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501...................... 1,935,369,806.75 

Amarillo, TX ...................................... 65502...................... 8,580.44 

Lubbock, TX...................................... 65503...................... 1,608,217.76 

Oklahoma City, OK........................... 65504...................... 16,284,294.65 

Tulsa, OK.......................................... 65505...................... 15,490,133.38 

Austin, TX ......................................... 65506...................... 15,984,515.40 

San Antonio, TX ............................... 65507...................... 15,328,859.92 

Wiley Post Airport, OK...................... 65509...................... 0.00 

Border Patrol Sector HQ, TX............ 65550...................... 6,684.96 

Presidio Border Patrol, TX................ 65553...................... 2,500.00 

Marfa Border Patrol, TX.................... 65554...................... 0.00 

Pecos Border Patrol, TX............... 65555...................... 487.03 

Fort Stockton Border Patrol, TX.... 65556.................. 4,500.00 

Sanderson Border Patrol, TX ........... 65557...................... 0.00 

Alpine Border Patrol, TX................... 65558...................... 6,258.78 

Sierra Blanca Border Patrol, TX....... 65560...................... 125,676.00 

Van Horn Border Patrol, TX ............. 65561...................... 81,885.00 

Midland Border Patrol, TX................ 65562...................... 0.00 

Midland International Airport, TX...... 65582...................... 77,673.67 

Fort Worth Alliance Airport, TX......... 65583...................... 3,532,732.82 

Addison Airport, TX .......................... 65584...................... 88,173.74 

McKinney National Airport, TX............ 65585...................... 30,449.80 

Kelly Field, TX................................... 65587...................... 0.00 

Dallas Love Field Airport, TX............ 65588...................... 519,847.42 

Fort Worth Meacham INTL Airport, TX .... 65589...................... 64,283.36 

Total District................................................................... $2,004,615,560.88 

San Diego, California:

San Diego, CA .................................... 72501....................... 131,095,368.56 

Andrade, CA........................................ 72502....................... 195,132.73 

Calexico, CA ....................................... 72503....................... 581.41 

San Ysidro, CA.................................... 72504....................... 3,281,848.95 

Tecate, CA .......................................... 72505....................... 14,382,340.58 

Otay Mesa, CA.................................... 72506....................... 308,458,296.07 

Calexico East, CA ............................... 72507....................... 49,526,606.95 

Indio Border Patrol, CA........................ 72551....................... 0.00 

McClellan-Palomar Airport, CA ........... 72581....................... 254,896.80 

Brown Field Border Patrol, CA............. 75653....................... 0.00 

Total District...................................................................... $507,195,072.05 

Los Angeles, California: 

Los Angeles, CA.................................. 72704....................... 18,194,214,808.48 

Port San Luis Harbor, CA.................... 72707....................... 0.00 

Long Beach, CA.................................. 72709....................... 449,798,459.17 

Ventura, CA.................................. 72712....................... 162.06 

Port Hueneme, CA .............................. 72713....................... 203,861,987.83 

Morro Bay, CA............................................... 72719....................... 338.96 

Los Angeles INTL Airport, CA...................... 72720....................... 1,311,316,438.50 

Ontario International Airport, CA .................. 72721....................... 2,098,247.47 

Las Vegas, NV .................................... 72722....................... 62,667,199.59 

FedEx Los Angeles, CA ...................... 72775....................... 103,410.11 

IBC Los Angeles, CA.............................. 72776....................... 77,877.40 

Micom Inglewood, CA ......................... 72777....................... 84.03 

Palm Springs, CA................................ 72781....................... 102,778.55 

San Bernardino INTL Airport, CA................. 72782....................... 26,021.70 

S. California Logistics Airport, CA .......... 72783....................... 8,498,132.16 

Meadows Field Airport, CA..................... 72786....................... 3,631.49 

John Wayne Airport, CA...................... 72787....................... 477,747.77 

Van Nuys, CA...................................... 72788....................... 100,579.49 

DHL Los Angeles, CA ......................... 72791....................... 230,861,811.61 

UPS Ontario, CA ................................. 72795....................... 95,337,732.51 

Total District................................................................ $20,559,547,448.88 

San Francisco, California: 

San Francisco International Airport, 

CA....................................................... 72801....................... 313,700,823.89 

Eureka, CA.......................................... 72802....................... 718.36 

Fresno, CA.......................................... 72803....................... 95,786,579.77 

Monterey, CA ...................................... 72805....................... 0.00 

San Francisco, CA .............................. 72809....................... 2,150,196,946.41 

Stockton, CA ....................................... 72810....................... 13,993,200.19 

Oakland International Airport, CA........ 72811....................... 236,266,790.02 

Richmond, CA..................................... 72812....................... 528,344.71 

Crockett, CA........................................ 72815....................... 0.00 

Sacramento, CA.................................. 72816....................... 1,232,289.01 

Martinez, CA ....................................... 72820....................... 277,730.36 

Redwood City, CA............................... 72821....................... 10.44 

San Pablo Bay, CA.............................. 72829....................... 0.00 

Carquinez Strait, CA............................ 72830....................... 89,563,131.88 

Reno, NV............................................. 72833....................... 62,933,543.57 

San Jose International Airport, CA ...... 72834....................... 5,153,168.54 

Sacramento International Airport, CA.......... 72835....................... 6,499,996.02 

Fresno Yosemite INTL Airport, CA ...... 72882....................... 67,250.85 

FedEx Oakland, CA............................. 72895....................... 137,605,029.79 

Total District...................................................................... $3,113,805,553.81 

29
TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2023

Portland, Oregon: 

Astoria, OR ....................................... 72901................... 774,960.96 

Newport, OR..................................... 72902................... 0.00 

Coos Bay, OR................................... 72903................... 149,628.39 

Portland, OR..................................... 72904................... 463,076,557.32 

Longview, WA................................... 72905................... 4,157,416.96 

Boise, ID ........................................... 72907................... 707,128.36 

Vancouver, WA................................. 72908................... 46,131,141.16 

Kalama, WA...................................... 72909................... 265,448.00 

Portland International Airport, OR.... 72910................... 7,453,647.24 

Brush, CO (ICE) .............................. 72919................... 0.00 

Medford, OR ..................................... 72982................... 134,470.99 

Hillsboro Airport, OR......................... 72983................... 0.00 

Coeur d’Alene Airport, ID ................. 72987................... 2,372.71 

Total District................................................................ $522,852,772.09 

Seattle, Washington: 

Seattle, WA....................................... 73001................... 1,311,870,018.04 

Tacoma, WA..................................... 73002................... 1,328,732,875.54 

Aberdeen, WA .................................. 73003................... 867,388.34 

Blaine, WA........................................ 73004................... 255,425,649.04 

Bellingham, WA ................................ 73005................... 6,706,322.35 

Everett, WA....................................... 73006................... 31,579,304.77 

Port Angeles, WA ............................. 73007................... 115,139.00 

Port Townsend, WA.......................... 73008................... 0.00 

Sumas, WA....................................... 73009................... 52,779,685.00 

Anacortes, WA.................................. 73010................... 6,176,642.67 

Nighthawk, WA................................. 73011................... 292.05 

Danville, WA ..................................... 73012................... 52,186.86 

Ferry, WA.......................................... 73013................... 85,068.63 

Friday Harbor, WA............................ 73014................... 720,544.70 

Boundary, WA................................... 73015................... 1,759,162.21 

Laurier, WA....................................... 73016................... 4,992,694.93 

Point Roberts, WA............................ 73017................... 301,195.84 

Oroville, WA...................................... 73019................... 13,830,643.71 

Frontier, WA...................................... 73020................... 962,929.27 

Spokane, WA.................................... 73022................... 19,901,096.16 

Kenneth G Ward Memorial 

Lynden, WA ...................................... 73023................... 377,132.69 

Metaline Falls, WA............................ 73025................... 310,703.67 

Olympia, WA..................................... 73026................... 220,552.87 

Neah Bay, WA .................................. 73027................... 0.00 

Seattle-Tacoma International 

 Airport, WA .................................... 73029................... 112,030,725.42 

UPS, Seattle, WA ............................. 73071................... 5,360,315.02 

Airborne Express Southeast, WA. 73074................ 0.00 

Grant County Airport, WA................. 73082................... 2,128,040.13 

Total District................................................................ $3,157,286,308.91 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 82,989.83 

Ketchikan, AK ................................... 73102................... 264,882.26 

Skagway, AK .................................... 73103................... 53,429.77 

Alcan, AK.......................................... 73104................... 983,202.82 

Wrangell, AK..................................... 73105................... 1,245.04 

Dalton Cache, AK............................. 73106................... 31,265.22 

Fairbanks, AK................................... 73111................... 4,284.94 

Sitka, AK........................................... 73115................... 29,776.95 

Anchorage, AK.................................. 73126................... 9,226,787.68 

FedEx Anchorage, AK...................... 73195................... 345,902,161.78 

UPS Anchorage, AK......................... 73196................... 3,246,460.75 

Total District................................................................ $359,826,487.04 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 79,711,090.73 

Hilo, HI .............................................. 73202................... 335,955.86 

Kahului, HI ........................................ 73203................... 146,348.57 

Nawiliwili-Port Allen, HI..................... 73204................... 69.36 

Honolulu Airport, HI .......................... 73205................... 6,411,355.75 

Kona, HI............................................ 73206................... 17,552.61 

FedEx Honolulu, HI....................... 73279................... 45,456,207.17 

Total District................................................................ $132,078,580.05 

Guam

Guam................................................ 73207................... 65,215.00 

American Samoa, GU (ICE)............. 73209................... 0.00 

Saipan, GU ....................................... 73211................... 458.50 

Total District................................................................ $65,673.50 

Total Customs and Border Protection Collections 

 for fiscal year 2023 ..................................................... $99,308,727,687.42 

30
INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 

31
TABLE FD-1—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

2019............................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2020............................... 26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

2021............................... 28,448,421 28,428,919 19,502 6,123,040 6,123,040 - 22,325,381 22,305,879 19,502 

2022............................... 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353 

2023............................... 33,186,902 33,167,334 19,568 6,817,835 6,817,835 - 26,369,067 26,349,499 19,568 

2022 - Sept .................... 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353 

Oct ..................... 31,257,616 31,238,301 19,315 6,864,420 6,864,420 - 24,393,196 24,373,881 19,315 

Nov..................... 31,432,792 31,413,322 19,470 6,838,542 6,838,542 - 24,594,250 24,574,780 19,470 

Dec..................... 31,439,489 31,419,689 19,800 6,880,448 6,880,448 - 24,559,041 24,539,241 19,800 

2023 - Jan...................... 31,475,026 31,454,982 20,044 6,849,031 6,849,031 - 24,625,995 24,605,951 20,044 

Feb..................... 31,479,071 31,459,291 19,780 6,828,385 6,828,385 - 24,650,686 24,630,906 19,780 

Mar..................... 31,478,182 31,458,438 19,744 6,743,612 6,743,612 - 24,734,570 24,714,826 19,744 

 Apr ..................... 31,477,422 31,457,815 19,607 6,831,707 6,831,707 - 24,645,715 24,626,108 19,607 

May .................... 31,484,194 31,464,457 19,737 6,813,789 6,813,789 - 24,670,405 24,650,668 19,737 

June ................... 32,352,141 32,332,274 19,867 6,850,199 6,850,199 - 25,501,942 25,482,075 19,867 

 July .................... 32,628,429 32,608,585 19,844 6,879,879 6,879,879 - 25,748,550 25,728,706 19,844 

Aug..................... 32,933,803 32,914,149 19,654 6,850,248 6,850,248 - 26,083,555 26,063,901 19,654 

Sept.................... 33,186,902 33,167,334 19,568 6,817,835 6,817,835 - 26,369,067 26,349,499 19,568 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

2020 ............................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071 

2021 ............................... 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,361 22,287,019 

2022 ............................... 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

2023 ............................... 33,186,902 198,903 32,987,998 6,817,835 69,341 6,748,494 26,369,067 129,562 26,239,504 

2022 - Sept .................... 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

Oct...................... 31,257,616 157,162 31,100,453 6,864,420 64,045 6,800,375 24,393,196 93,117 24,300,078 

Nov..................... 31,432,792 164,726 31,268,065 6,838,542 65,551 6,772,991 24,594,250 99,175 24,495,074 

Dec..................... 31,439,489 166,351 31,273,138 6,880,448 66,199 6,814,248 24,559,041 100,152 24,458,889 

2023 - Jan ...................... 31,475,026 166,144 31,308,881 6,849,031 66,248 6,782,783 24,625,995 99,896 24,526,099 

Feb ..................... 31,479,071 171,429 31,307,641 6,828,385 68,229 6,760,157 24,650,686 103,200 24,547,484 

Mar..................... 31,478,182 174,253 31,303,928 6,743,612 68,199 6,675,412 24,734,570 106,054 24,628,516 

 Apr ..................... 31,477,422 173,690 31,303,730 6,831,707 68,705 6,763,002 24,645,715 104,985 24,540,729 

May .................... 31,484,194 178,614 31,305,579 6,813,789 68,022 6,745,766 24,670,405 110,592 24,559,813 

June ................... 32,352,141 186,971 32,165,169 6,850,199 68,168 6,782,031 25,501,942 118,803 25,383,138 

 July..................... 32,628,429 190,630 32,437,799 6,879,879 69,381 6,810,498 25,748,550 121,249 25,627,301 

Aug..................... 32,933,803 197,931 32,735,872 6,850,248 69,948 6,780,300 26,083,555 127,983 25,955,572 

Sept.................... 33,186,902 198,903 32,987,998 6,817,835 69,341 6,748,494 26,369,067 129,562 26,239,504 

32
Nonmarketable, continued

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981

2020 .......................... 148,677 - 264 291,831 106,607 116,100 2,523

2021 .......................... 143,662 - 264 120,537 127,047 32,781 3,144

2022 .......................... 166,292 - 264 320,634 109,236 25,894 3,298

2023 .......................... 175,702 - - 298,893 94,169 22,418 4,079 

2022 - Sept ............... 166,292 - 264 320,634 109,236 25,894 3,298

Oct................. 172,556 - 264 322,954 104,454 25,930 3,427

Nov................ 173,218 - 264 317,927 101,819 23,742 3,415

Dec................ 173,500 - 264 297,915 99,898 23,778 3,603

2023 - Jan ................. 176,465 - 264 174,178 99,115 23,819 3,610

Feb ................ 177,114 - 264 42,684 99,734 23,856 3,655

Mar................ 177,841 - - 28,018 98,170 23,898 3,649 

 Apr ................ 178,862 - - 30,462 102,242 23,937 3,793 

May ............... 178,582 - - 22,374 96,363 22,257 3,738 

June .............. 178,253 - - 299,631 90,481 22,296 3,853 

 July................ 177,725 - - 297,906 88,043 22,337 3,893 

Aug................ 176,641 - - 297,699 84,665 22,378 3,953 

Sept............... 175,702 - - 298,893 94,169 22,418 4,079 

TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

2020 .......................... 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002 

2021 .......................... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

2022 .......................... 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618 

2023 .......................... 26,330,142 25,734,881 5,259,329 13,724,904 4,240,162 1,934,947 575,539 595,261 

2022 - Sept ............... 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618 

Oct................. 24,352,542 23,722,956 3,664,798 13,727,320 3,897,465 1,860,204 573,169 629,586 

Nov................ 24,553,457 23,933,071 3,810,733 13,711,307 3,934,878 1,880,968 595,185 620,385 

Dec................ 24,517,593 23,918,635 3,696,169 13,745,309 3,952,658 1,907,303 617,196 598,958 

2023 - Jan ................. 24,583,994 24,106,542 3,937,202 13,747,218 3,994,730 1,869,974 557,418 477,452 

Feb ................ 24,609,241 24,261,934 4,056,422 13,724,050 4,026,597 1,875,477 579,388 347,307 

Mar................ 24,693,515 24,361,940 4,067,536 13,731,520 4,056,721 1,904,777 601,385 331,576 

 Apr ................ 24,605,068 24,265,772 3,941,469 13,768,211 4,075,797 1,878,907 601,387 339,296 

May ............... 24,630,686 24,307,372 3,992,378 13,712,974 4,133,645 1,904,034 564,341 323,315 

June .............. 25,461,998 24,867,484 4,465,683 13,718,907 4,163,697 1,932,853 586,345 594,514 

 July................ 25,708,799 25,118,895 4,769,450 13,727,102 4,193,665 1,901,126 527,552 589,904 

Aug................ 26,044,051 25,458,715 5,072,860 13,697,859 4,220,198 1,916,258 551,540 585,336 

Sept............... 26,330,142 25,734,881 5,259,329 13,724,904 4,240,162 1,934,947 575,539 595,261 

33
End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2020 ..................... 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

2021 ..................... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

2022 ..................... 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205

2023 ..................... 2,673,749 931 159,537 115,673 832 18,415 1,097 81,846 2,375,428

2022 - Sept .......... 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205

Oct............ 2,710,885 891 204,431 127,133 1,065 19,653 603 73,694 2,393,923

Nov........... 2,691,100 894 199,979 126,884 1,037 19,724 441 76,288 2,389,299

Dec........... 2,711,919 897 212,017 124,357 1,023 19,800 501 74,641 2,362,272

2023 - Jan ............ 2,719,113 900 207,698 125,161 991 20,401 865 70,483 2,237,138

Feb ........... 2,700,015 903 207,510 125,538 966 19,173 948 72,270 2,063,012

Mar........... 2,688,801 907 177,044 124,490 938 18,487 804 69,390 2,097,506

 Apr ........... 2,702,013 910 209,188 125,095 918 19,259 772 71,313 2,119,183

May .......... 2,681,903 914 207,388 123,815 916 18,687 653 87,036 2,109,501

June ......... 2,728,886 918 163,918 121,978 901 18,754 802 86,064 2,382,727

 July........... 2,715,754 922 195,647 120,883 892 19,433 680 81,506 2,387,079

Aug........... 2,691,600 927 193,454 118,210 859 19,531 619 84,513 2,394,929

Sept.......... 2,673,749 931 159,537 115,673 832 18,415 1,097 81,846 2,375,428

Note—Detail may not add to totals due to rounding. 

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2022 .................. 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

2023 .................. 7,117,284 16,601 84,298 52,526 14,698 142,906 1,052,199 194,362 132,186 

2022 - Sept ....... 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

Oct......... 7,188,183 10,775 125,764 51,004 17,825 114,230 1,023,697 191,963 120,647 

Nov........ 7,157,364 11,002 126,646 51,027 17,311 114,508 1,019,841 190,100 121,283 

Dec........ 7,179,347 13,665 125,863 51,068 17,365 118,032 1,028,036 196,089 121,802 

2023 - Jan ......... 7,024,099 13,220 129,079 51,112 16,760 121,529 980,910 205,219 123,520 

Feb ........ 6,829,420 14,432 129,912 51,634 16,580 122,537 981,749 198,240 124,001 

Mar........ 6,772,639 15,018 102,315 51,711 16,643 124,871 981,810 177,505 124,399 

 Apr ........ 6,863,185 13,969 85,096 51,683 16,697 129,438 981,750 212,852 123,049 

May ....... 6,835,336 16,073 77,786 51,686 16,500 130,684 979,818 208,665 123,311 

June ...... 7,150,742 16,482 80,909 51,702 16,109 140,649 1,014,345 195,368 130,230 

 July........ 7,178,591 16,845 80,935 51,745 16,182 141,085 1,010,937 205,718 132,348 

Aug........ 7,148,949 16,568 80,981 52,406 14,634 141,533 1,005,336 200,139 132,710 

Sept....... 7,117,284 16,601 84,298 52,526 14,698 142,906 1,052,199 194,362 132,186 

34
TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

2019 ............................ 21,455 19 69 21,367 * *

2020 ............................ 20,151 19 58 20,075 * *

2021 ............................ 19,502 19 45 19,438 * *

2022 ............................ 19,353 19 31 19,303 * *

2023 ............................ 19,568 19 16 19,533 * *

2022 - Sept ................. 19,353 19 31 19,303 * *

Oct................... 19,315 19 31 19,265 * *

Nov.................. 19,470 19 32 19,420 * *

Dec.................. 19,800 19 32 19,749 * *

2023 - Jan ................... 20,044 19 32 19,993 * *

Feb .................. 19,780 19 24 19,737 * *

Mar.................. 19,744 19 24 19,701 * *

 April.................. 19,607 19 24 19,564 * *

May ................. 19,737 19 24 19,694 * *

June ................ 19,867 19 24 19,824 * *

 July.................. 19,844 19 25 19,801 * *

Aug.................. 19,654 19 16 19,619 * *

Sept................. 19,568 19 16 19,533 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000. 

35
TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years 

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

2022 ............................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

2023 ............................... 20,682,916 7,427,667 7,215,836 3,128,067 1,051,528 1,859,818 65

2022 - Sept..................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

Oct...................... 18,163,671 5,554,740 6,773,463 3,294,531 808,069 1,732,868 68 

Nov ..................... 18,432,639 5,760,777 6,816,566 3,277,982 845,465 1,731,849 68 

Dec ..................... 18,342,430 5,683,558 6,806,760 3,256,030 845,623 1,750,459 68 

2023 - Jan ...................... 18,725,241 5,942,174 6,883,405 3,261,758 869,577 1,768,327 68

Feb ..................... 18,941,573 6,103,781 6,947,532 3,207,948 919,065 1,763,247 68 

Mar ..................... 19,097,612 6,139,726 7,007,183 3,236,888 931,490 1,782,324 68 

 Apr...................... 18,842,390 6,008,397 6,907,473 3,193,593 931,788 1,801,138 69

May..................... 19,157,208 6,089,970 7,096,546 3,189,054 989,264 1,792,374 69 

June.................... 19,774,514 6,589,467 7,171,344 3,201,071 1,001,496 1,811,137 67 

 July..................... 20,084,550 6,888,616 7,160,208 3,192,699 1,013,493 1,829,535 66 

Aug ..................... 20,482,505 7,214,572 7,239,040 3,138,022 1,051,417 1,839,454 66 

Sept.................... 20,682,916 7,427,667 7,215,836 3,128,067 1,051,528 1,859,818 65 

Note—Detail may not add to totals due to rounding. 

36
TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 

(4) 

Public debt

(5) 

Other debt 

(6) 

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

20221 ...................................... 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653

20233 ...................................... - 33,070,476 33,070,476 - 33,167,334 - 96,858

2022 – Sept1........................... 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653

Oct2............................. 31,381,463 31,173,740 31,173,740 - 31,238,301 - 64,562

Nov2............................ 31,381,463 31,345,649 31,345,649 - 31,413,322 - 67,674

Dec3............................ 31,381,463 31,347,311 31,347,311 - 31,419,689 - 72,379

2023 – Jan3 ............................ 31,381,463 31,381,438 31,381,438 - 31,454,982 - 73,545

Feb3 ............................ 31,381,463 31,381,438 31,381,438 - 31,459,291 - 77,853

Mar3 ............................ 31,381,463 31,381,438 31,381,438 - 31,458,438 - 77,000

 Apr3 ............................ 31,381,463 31,381,438 31,381,438 - 31,457,815 - 76,377

May3 ........................... 31,381,463 31,381,438 31,381,438 - 31,464,457 - 83,019

June3 .......................... - 32,244,306 32,244,306 - 32,332,274 - 87,968

 July3............................ - 32,519,638 32,519,638 - 32,608,585 - 88,947

Aug3............................ - 32,819,064 32,819,064 - 32,914,149 - 95,086

Sept3........................... - 33,070,476 33,070,476 - 33,167,334 - 96,858

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

(2) Pursuant to 31 U.S.C. 3101(b), Public law 117-50, the Statutory Debt Limit was permanently

increased effective October 14, 2021, to $28,881,462,788,891.71.

(3) Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was 

permanently increased effective December 16, 2021, to $31,381,462,788,891.71. 

37
TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ....................................... 1,809,674 31,592 21,196 30,286 658 317

2022 ....................................... 1,623,412 32,772 21,918 31,785 601 266

2023 ....................................... 1,959,775 37,718 23,167 32,390 804 226

2022 - Sept ............................ 1,623,412 32,772 21,918 31,785 601 266

Oct.............................. 1,675,223 44,573 21,996 32,041 603 266

Nov............................. 1,663,357 30,140 22,094 32,352 606 266

Dec............................. 1,660,183 31,935 22,421 32,613 616 266

2023 - Jan .............................. 1,675,464 32,580 22,497 32,754 621 266

Feb ............................. 1,686,048 32,764 22,703 32,869 811 266

Mar............................. 1,659,466 30,824 21,655 30,953 692 266

 Apr ............................. 1,668,144 31,072 21,696 31,214 698 266

May ............................ 1,695,992 31,135 21,840 31,370 710 266

June ........................... 1,695,171 33,558 22,079 31,556 715 266

 July............................. 1,968,979 33,494 22,079 31,556 715 266

Aug............................. 1,956,605 34,496 22,684 32,147 792 226

Sept............................ 1,959,775 37,718 23,167 32,390 804 226

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2021 ....................................... 1,221,381 5,629 66,271 10 70,500

2022 ....................................... 905,071 5,679 93,564 13 73,447

2023 ....................................... 1,188,590 5,784 106,967 124 130,324

2022 - Sept ............................ 905,071 5,679 93,564 13 73,447

Oct ............................. 942,220 5,679 93,564 13 73,839

Nov............................. 948,055 5,679 93,564 13 74,699

Dec............................. 939,257 5,659 93,564 13 75,898

2023 - Jan.............................. 952,257 5,613 93,564 13 75,724

Feb............................. 952,298 5,743 93,564 14 76,340

Mar............................. 929,017 5,714 93,564 14 76,768

 Apr ............................. 934,744 5,639 93,564 14 78,129

May ............................ 944,793 5,863 109,565 22 77,885

June ........................... 944,797 5,795 109,565 49 77,375

 July ............................ 1,216,364 5,772 109,565 49 78,336

Aug............................. 1,199,663 6,011 109,565 49 78,610

Sept............................ 1,188,590 5,784 106,967 124 130,324

38
TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2021 ...................................... 14,531 4,567 262,655 80,081

2022 ...................................... 13,501 4,417 362,802 77,576

2023 ...................................... 12,804 4,627 334,320 81,930

2022 - Sept ........................... 13,501 4,417 362,802 77,576

Oct............................. 13,501 4,865 363,802 78,261

Nov............................ 13,501 5,221 360,310 76,857

Dec............................ 13,501 5,677 360,310 78,453

2023 - Jan ............................. 13,501 6,120 360,310 79,644

Feb ............................ 13,501 6,465 368,522 80,188

Mar............................ 13,501 6,909 368,522 81,067

 Apr ............................ 13,501 7,344 368,522 81,741

May ........................... 13,501 7,726 369,133 82,183

June .......................... 13,501 3,335 369,133 83,447

 July............................ 13,501 3,796 369,133 84,353

Aug............................ 13,501 4,166 369,133 85,562

Sept........................... 12,804 4,627 334,320 81,930

Note—Detail may not add to totals due to rounding. 

39
 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

JULY 

Auction of 42-Day Cash Management Bills 

On June 29, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were 

issued July 6 and matured August 17. The issue was to raise new cash of approximately $50,000 million. 

Treasury auctioned the bills on July 3. Tenders totaled $136,254 million; Treasury accepted $50,000 

million, including $86 million of noncompetitive tenders from the public. The high bank discount rate 

was 5.170 percent. 

Auction of 42-Day Cash Management Bills 

On July 6, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were issued 

July 13 and matured August 24. The issue was to raise new cash of approximately $50,000 million. 

Treasury auctioned the bills on July 11. Tenders totaled $140,741 million; Treasury accepted $50,001 

million, including $154 million of noncompetitive tenders from the public. The high bank discount rate 

was 5.210 percent. 

Auction of 52-Week Bills 

On July 6, 2023, Treasury announced it would auction $38,000 million of 364-day Treasury bills. They 

were issued July 13 and will mature July 11, 2024. The issue was to refund $189,004 million of all 

maturing bills and to raise new cash of approximately $21,996 million. Treasury auctioned the bills on 

40
July 11. Tenders totaled $109,343 million; Treasury accepted $38,000 million, including $1,565 million 

of noncompetitive tenders from the public. The high bank discount rate was 5.130 percent. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $3,000 

million from Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 3-Year Notes 

On July 6, 2023, Treasury announced it would auction $40,000 million of 3-year notes. The issue was to 

refund $84,885 million of securities maturing July 15 and to raise new cash of approximately $5,115 

million. 

The 3-year notes of Series AQ-2026 were dated July 15 and issued July 17. They are due July 15, 2026, 

with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 4-1/2 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders 

and before 1:00 p.m. ET for competitive tenders on July 11. Tenders totaled $115,286 million; Treasury 

accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high yield of 4.534 percent with an equivalent price of $99.905249. Treasury accepted in full all 

competitive tenders at yields lower than 4.534 percent. Tenders at the high yield were allotted 20.19 

percent. The median yield was 4.475 percent, and the low yield was 4.250 percent. Noncompetitive 

tenders totaled $162 million. Competitive tenders accepted from private investors totaled $39,633 million. 

Accrued interest of $0.24457 per $1,000 must be paid for the period from July 15 to July 17. The 

minimum par amount required for Separate Trading of Registered Interest and Principal Securities 

(STRIPS) of notes of Series AQ-2026 is $100. 

Auction of 9-Year 10-Month 3-3/8 Percent Notes 

On July 6, 2023, Treasury announced it would auction $32,000 million of 9-year 10-month 3-3/8 percent 

notes. The issue was to refund $84,885 million of securities maturing July 15 and to raise new cash of 

approximately $5,115 million. 

The 9-year 10-month 3-3/8 percent notes of Series C-2033 were dated May 15 and issued July 17. They 

are due May 15, 2033, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 12. Tenders totaled $81,021 million; Treasury accepted $32,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.857 percent with an equivalent price of $96.080353. Treasury accepted in full all competitive tenders

at yields lower than 3.857 percent. Tenders at the high yield were allotted 29.62 percent. The median

yield was 3.775 percent, and the low yield was 3.730 percent. Noncompetitive tenders totaled $37

million. Competitive tenders accepted from private investors totaled $31,963 million. Accrued interest of

$5.77785 per $1,000 must be paid for the period from May 15 to July 17. The minimum par amount

required for STRIPS of notes of Series C-2033 is $100.

Auction of 29-Year 10-Month 3-5/8 Percent Bonds 

On July 6, 2023, Treasury announced it would auction $18,000 million of 29-year 10-month 3-5/8 percent 

bonds. The issue was to refund $84,885 million of securities maturing July 15 and to raise new cash of 

approximately $5,115 million. 

41
TREASURY FINANCING: JULY-SEPTEMBER, continued 

The 29-year 10-month 3-5/8 percent bonds of May 2053 were dated May 15 and issued July 17. They are 

due May 15, 2053, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 13. Tenders totaled $43,784 million; Treasury accepted $18,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.910 percent with an equivalent price of $94.999360. Treasury accepted in full all competitive tenders

at yields lower than 3.910 percent. Tenders at the high yield were allotted 5.24 percent. The median yield

was 3.830 percent, and the low yield was 3.780 percent. Noncompetitive tenders totaled $16 million.

Competitive tenders accepted from private investors totaled $17,984 million. Accrued interest of

$6.20584 per $1,000 must be paid for the period from May 15 to July 17. The minimum par amount

required for STRIPS of bonds of May 2053 is $100.

Auction of 42-Day Cash Management Bills 

On July 13, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were issued 

July 20 and matured August 31. The issue was to raise new cash of approximately $50,000 million. 

Treasury auctioned the bills on July 18. Tenders totaled $159,468 million; Treasury accepted $50,002 

million, including $168 million of noncompetitive tenders from the public. The high bank discount rate 

was 5.240 percent. 

Auction of 42-Day Cash Management Bills 

On July 20, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were issued 

July 27 and matured September 7. The issue was to raise new cash of approximately $50,000 million. 

Treasury auctioned the bills on July 25. Tenders totaled $176,727 million; Treasury accepted $50,001 

million, including $160 million of noncompetitive tenders from the public. The high bank discount rate 

was 5.275 percent. 

Auction of 19-Year 10-Month 3-7/8 Percent Bonds 

On July 13, 2023, Treasury announced it would auction $12,000 million of 19-year 10-month 3-7/8 

percent bonds. The issue was to refund $184,965 million of securities maturing July 31 and to pay down 

approximately $11,965 million. 

The 19-year 10-month 3-7/8 percent bonds of May 2043 were dated May 15 and issued July 31. They are 

due May 15, 2043, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 19. Tenders totaled $32,199 million; Treasury accepted $12,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 4.036 percent with an equivalent price of $97.810388. Treasury accepted in full all competitive tenders

at yields lower than 4.036 percent. Tenders at the high yield were allotted 5.38 percent. The median yield

was 3.965 percent, and the low yield was 3.920 percent. Noncompetitive tenders totaled $172 million.

Competitive tenders accepted from private investors totaled $11,828 million. Accrued interest of

$8.10802 per $1,000 must be paid for the period from May 15 to July 31. The minimum par amount

required for STRIPS of bonds of May 2043 is $100.

Auction of 10-Year Treasury Inflation Protected Security (TIPS) 

42
On July 13, 2023, Treasury announced it would auction $17,000 million of 10-year TIPS. The issue was 

to refund $184,965 million of securities maturing July 31 and to pay down approximately $11,965 

million. 

The 10-year TIPS of Series D-2033 were dated July 15 and issued July 31. They are due July 15, 2033, 

with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 1-3/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 20. Tenders totaled $42,753 million; Treasury accepted $17,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 1.495 percent with an equivalent adjusted price of $99.021857. Treasury accepted in full all

competitive tenders at yields lower than 1.495 percent. Tenders at the high yield were allotted 7.76

percent. The median yield was 1.440 percent, and the low yield was 1.400 percent. Noncompetitive

tenders totaled $181 million. Competitive tenders accepted from private investors totaled $16,819 million.

Adjusted accrued interest of $0.59861 per $1,000 must be paid for the period from July 15 to July 31.

Both the unadjusted price of $98.893296 and the unadjusted accrued interest of $0.59783 were adjusted

by an index ratio of 1.0013, for the period from July 15 to July 31. The minimum par amount required for

STRIPS of TIPS of Series D-2033 is $100.

Auction of 2-Year Notes 

On July 20, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue was to 

refund $184,965 million of securities maturing July 31 and to pay down approximately $11,965 million. 

The 2-year notes of Series BE-2025 were dated and issued July 31. They are due July 31, 2025, with 

interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 4-3/4 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 24. Tenders totaled $116,839 million; Treasury accepted $42,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 4.823 percent with an equivalent price of $99.862395. Treasury accepted in full all competitive tenders

at yields lower than 4.823 percent. Tenders at the high yield were allotted 54.24 percent. The median

yield was 4.760 percent, and the low yield was 4.700 percent. Noncompetitive tenders totaled $642

million. Competitive tenders accepted from private investors totaled $41,253 million. The minimum par

amount required for STRIPS of notes of Series BE-2025 is $100.

Auction of 5-Year Notes 

On July 20, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue was to 

refund $184,965 million of securities maturing July 31 and to pay down approximately $11,965 million. 

The 5-year notes of Series AB-2028 were dated and issued July 31. They are due July 31, 2028, with 

interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 4-1/8 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 25. Tenders totaled $111,896 million; Treasury accepted $43,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 4.170 percent with an equivalent price of $99.798788. Treasury accepted in full all competitive tenders

43
TREASURY FINANCING: JULY-SEPTEMBER, continued 

at yields lower than 4.170 percent. Tenders at the high yield were allotted 81.95 percent. The median 

yield was 4.100 percent, and the low yield was 4.060 percent. Noncompetitive tenders totaled $105 

million. Competitive tenders accepted from private investors totaled $42,890 million. The minimum par 

amount required for STRIPS of notes of Series AB-2028 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On July 20, 2023, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue was to 

refund $184,965 million of securities maturing July 31 and to pay down approximately $11,965 million. 

The 2-year FRNs of Series BF-2025 were dated and issued July 31. They are due July 31, 2025, with 

interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury set a spread of 

0.125 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on July 26. Tenders totaled $61,889 million; Treasury accepted 

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.125 percent with an equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.125 percent. Tenders at the high discount margin 

were allotted 96.18 percent. The median discount margin was 0.095 percent, and the low discount margin 

was 0.046 percent. Noncompetitive tenders totaled $159 million. Competitive tenders accepted from 

private investors totaled $23,841 million. 

Auction of 7-Year Notes 

On July 20, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue was to 

refund $184,965 million of securities maturing July 31 and to pay down approximately $11,965 million. 

The 7-year notes of Series N-2030 were dated and issued July 31. They are due July 31, 2030, with 

interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 4 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 27. Tenders totaled $86,765 million; Treasury accepted $35,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 4.087 percent with an equivalent price of $99.474987. Treasury accepted in full all competitive tenders

at yields lower than 4.087 percent. Tenders at the high yield were allotted 86.54 percent. The median

yield was 4.020 percent, and the low yield was 3.920 percent. Noncompetitive tenders totaled $48

million. Competitive tenders accepted from private investors totaled $34,952 million. The minimum par

amount required for STRIPS of notes of Series N-2030 is $100.

AUGUST

Auction of 42-Day Cash Management Bills 

On July 27, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were issued 

August 3 and matured September 14. The issue was to raise new cash of approximately $50,000 million. 

Treasury auctioned the bills on August 1. Tenders totaled $161,951 million; Treasury accepted $50,001 

million, including $251 million of noncompetitive tenders from the public. The high bank discount rate 

was 5.280 percent. 

44
Auction of 42-Day Cash Management Bills 

On August 3, 2023, Treasury announced it would auction $55,000 million of 42-day bills. They were 

issued August 10 and matured September 21. The issue was to raise new cash of approximately $55,000 

million. Treasury auctioned the bills on August 8. Tenders totaled $162,484 million; Treasury accepted 

$55,001 million, including $221 million of noncompetitive tenders from the public. The high bank 

discount rate was 5.275 percent. 

Auction of 52-Week Bills 

On August 3, 2023, Treasury announced it would auction $40,000 million of 364-day Treasury bills. 

They were issued August 10 and will mature August 8, 2024. The issue was to refund $188,975 million of 

all maturing bills and to raise new cash of approximately $33,025 million. Treasury auctioned the bills on 

August 8. Tenders totaled $118,671 million; Treasury accepted $40,000 million, including $1,918 million 

of noncompetitive tenders from the public. The high bank discount rate was 5.060 percent. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $3,806 

million from FRBs for their own accounts. 

August Quarterly Financing 

On Aug 2, 2023, Treasury announced it would auction $42,000 million of 3-year notes, $38,000 million 

of 10-year notes, and $23,000 million of 30-year bonds to refund $84,033 million of securities maturing 

August 15, 2023, and to raise new cash of approximately $18,967 million. 

The 3-year notes of Series AR-2026 were dated and issued August 15. They are due August 15, 2026, 

with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-3/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 8. Tenders totaled $121,827 million; Treasury accepted

$42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.398 percent with an equivalent price of $99.936014. Treasury accepted in full all

competitive tenders at yields lower than 4.398 percent. Tenders at the high yield were allotted 95.89

percent. The median yield was 4.355 percent, and the low yield was 4.200 percent. Noncompetitive

tenders totaled $250 million. Competitive tenders accepted from private investors totaled $41,500 million.

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $15,713 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AR-2026 is $100. 

The 10-year notes of Series E-2033 were dated and issued August 15. They are due August 15, 2033, with 

interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 3-7/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 9. Tenders totaled $97,165 million; Treasury accepted

$38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.999 percent with an equivalent price of $98.986162. Treasury accepted in full all

competitive tenders at yields lower than 3.999 percent. Tenders at the high yield were allotted 9.47

percent. The median yield was 3.922 percent, and the low yield was 3.880 percent. Noncompetitive

tenders totaled $134 million. Competitive tenders accepted from private investors totaled $37,866 million.

45
TREASURY FINANCING: JULY-SEPTEMBER, continued 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $14,216 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series E-2033 is $100. 

The 30-year bonds of August 2053 were dated and issued August 15. They are due August 15, 2053, with 

interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-1/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 10. Tenders totaled $55,605 million; Treasury accepted

$23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.189 percent with an equivalent price of $98.912672. Treasury accepted in full all

competitive tenders at yields lower than 4.189 percent. Tenders at the high yield were allotted 10.05

percent. The median yield was 4.115 percent, and the low yield was 4.050 percent. Noncompetitive

tenders totaled $45 million. Competitive tenders accepted from private investors totaled $22,955 million.

In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $8,605 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2053 is $100. 

Auction of 42-Day Cash Management Bills 

On August 10, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued August 17 and matured September 28. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on August 15. Tenders totaled $180,506 million; Treasury accepted 

$60,000 million, including $247 million of noncompetitive tenders from the public. The high bank 

discount rate was 5.285 percent. 

Auction of 7-Day Cash Management Bills 

On August 17, 2023, Treasury announced it would auction $25 million of 7-day bills. They were issued 

August 22 and matured August 29. The issue was to raise new cash of approximately $25 million and to 

test the Treasury Department’s contingency auction infrastructure. Treasury auctioned the bills on August 

17. Tenders totaled $134 million; Treasury accepted $25 million. The high bank discount rate was 5.220

percent.

Auction of 42-Day Cash Management Bills 

On August 17, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued August 24 and will mature October 5. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on August 22. Tenders totaled $196,317 million; Treasury accepted 

$60,002 million, including $200 million of noncompetitive tenders from the public. The high bank 

discount rate was 5.280 percent. 

Auction of 1-Year 11-Month 0.125 Percent FRNs 

On August 17, 2023, Treasury announced it would auction $24,000 million of 1-year 11-month 0.125 

percent FRNs. The issue was to raise new cash of approximately $24,000 million. 

46
The 1-year 11-month 0.125 percent FRNs of Series BF-2025 were dated July 31 and issued August 25. 

They are due July 31, 2025, with interest payable on October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on August 23. Tenders totaled $58,175 million; Treasury accepted 

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.165 percent with an equivalent price of $99.922256. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.165 percent. Tenders at the high discount margin 

were allotted 58.76 percent. The median discount margin was 0.130 percent, and the low discount margin 

was 0.050 percent. Noncompetitive tenders totaled $46 million. Competitive tenders accepted from 

private investors totaled $23,954 million. Accrued interest of $0.380955929 per $100 must be paid for the 

period from July 31 to August 25. 

Auction of 42-Day Cash Management Bills 

On August 24, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued August 31 and will mature October 12. The issue was to raise new cash of approximately $60,000 

million. Treasury auctioned the bills on August 29. Tenders totaled $168,708 million; Treasury accepted 

$60,001 million, including $188 million of noncompetitive tenders from the public. The high bank 

discount rate was 5.290 percent. 

Auction of 20-Year Bonds 

On August 17, 2023, Treasury announced it would auction $16,000 million of 20-year bonds. The issue 

was to refund $104,013 million of securities maturing August 31 and to raise new cash of approximately 

$46,987 million. 

The 20-year bonds of August 2043 were dated August 15 and issued August 31. They are due August 15, 

2043, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 

4-3/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on August 23. Tenders totaled $40,928 million; Treasury accepted

$16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.499 percent with an equivalent price of $98.374204. Treasury accepted in full all

competitive tenders at yields lower than 4.499 percent. Tenders at the high yield were allotted 43.98

percent. The median yield was 4.427 percent, and the low yield was 4.390 percent. Noncompetitive

tenders totaled $115 million. Competitive tenders accepted from private investors totaled $15,885 million.

Accrued interest of $1.90217 per $1,000 must be paid for the period from August 15 to August 31.

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,662 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2043 is $100. 

Auction of 29-Year 6-Month 1-1/2 Percent TIPS 

On August 17, 2023, Treasury announced it would auction $8,000 million of 29-year 6-month 1-1/2 

percent TIPS. The issue was to refund $104,013 million of securities maturing August 31 and to raise new 

cash of approximately $46,987 million. 

47
TREASURY FINANCING: JULY-SEPTEMBER, continued 

The 29-year 6-month 1-1/2 percent TIPS of February 2053 were dated August 15 and issued August 31. 

They are due February 15, 2053, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 24. Tenders totaled $19,393 million; Treasury accepted

$8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 1.970 percent with an equivalent adjusted price of $91.890055. Treasury accepted in full all

competitive tenders at yields lower than 1.970 percent. Tenders at the high yield were allotted 64.10

percent. The median yield was 1.875 percent, and the low yield was 1.820 percent. Noncompetitive

tenders totaled $27 million. Competitive tenders accepted from private investors totaled $7,973 million.

Adjusted accrued interest of $0.66934 per $1,000 must be paid for the period from August 15 to August

31. Both the unadjusted price of $89.533532 and the unadjusted accrued interest of $0.65217 were

adjusted by an index ratio of 1.02632, for the period from August 15 to August 31.

In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $831 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

February 2053 is $100. 

Auction of 2-Year Notes 

On August 24, 2023, Treasury announced it would auction $45,000 million of 2-year notes. The issue was 

to refund $104,013 million of securities maturing August 31 and to raise new cash of approximately 

$46,987 million. 

The 2-year notes of Series BG-2025 were dated and issued August 31. They are due August 31, 2025, 

with interest payable on February 29 and August 31 until maturity. Treasury set an interest rate of 5 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 

a.m. ET for competitive tenders on August 28. Tenders totaled $132,443 million; Treasury accepted

$45,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 5.024 percent with an equivalent price of $99.954869. Treasury accepted in full all

competitive tenders at yields lower than 5.024 percent. Tenders at the high yield were allotted 92.38

percent. The median yield was 4.980 percent, and the low yield was 4.900 percent. Noncompetitive

tenders totaled $748 million. Competitive tenders accepted from private investors totaled $44,147 million.

In addition to the $45,000 million of tenders accepted in the auction process, Treasury accepted $4,675 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BG-2025 is $100. 

Auction of 5-Year Notes 

On August 24, 2023, Treasury announced it would auction $46,000 million of 5-year notes. The issue was 

to refund $104,013 million of securities maturing August 31 and to raise new cash of approximately 

$46,987 million. 

The 5-year notes of Series AC-2028 were dated and issued August 31. They are due August 31, 2028, 

with interest payable on February 29 and August 31 until maturity. Treasury set an interest rate of 4-3/8 

percent after determining which tenders were accepted on a yield auction basis. 

48
Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 28. Tenders totaled $116,624 million; Treasury accepted

$46,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.400 percent with an equivalent price of $99.888884. Treasury accepted in full all

competitive tenders at yields lower than 4.400 percent. Tenders at the high yield were allotted 32.63

percent. The median yield was 4.330 percent, and the low yield was 4.300 percent. Noncompetitive

tenders totaled $201 million. Competitive tenders accepted from private investors totaled $45,795 million.

In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $4,779 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AC-2028 is $100. 

Auction of 7-Year Notes 

On August 24, 2023, Treasury announced it would auction $36,000 million of 7-year notes. The issue was 

to refund $104,013 million of securities maturing August 31 and to raise new cash of approximately 

$46,987 million. 

The 7-year notes of Series P-2030 were dated and issued August 31. They are due August 31, 2030, with 

interest payable on February 29 and August 31 until maturity. Treasury set an interest rate of 4-1/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 29. Tenders totaled $95,853 million; Treasury accepted

$36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.212 percent with an equivalent price of $99.477286. Treasury accepted in full all

competitive tenders at yields lower than 4.212 percent. Tenders at the high yield were allotted 95.53

percent. The median yield was 4.155 percent, and the low yield was 4.100 percent. Noncompetitive

tenders totaled $68 million. Competitive tenders accepted from private investors totaled $35,932 million.

In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $3,740 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series P-2030 is $100. 

SEPTEMBER 

Auction of 42-Day Cash Management Bills 

On August 31, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued September 7 and will mature October 19. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on September 5. Tenders totaled $182,448 million; Treasury 

accepted $60,001 million, including $142 million of noncompetitive tenders from the public. The high 

bank discount rate was 5.285 percent. 

Auction of 52-Week Bills 

On August 31, 2023, Treasury announced it would auction $42,000 million of 364-day Treasury bills. 

They were issued September 7 and will mature September 5, 2024. The issue was to refund $196,988 

million of all maturing bills and to raise new cash of approximately $36,012 million. Treasury auctioned 

the bills on September 5. Tenders totaled $131,758 million; Treasury accepted $42,000 million, including 

$1,415 million of noncompetitive tenders from the public. The high bank discount rate was 5.120 percent. 

49
TREASURY FINANCING: JULY-SEPTEMBER, continued 

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $1,136 

million from FRBs for their own accounts. 

Auction of 42-Day Cash Management Bills 

On September 7, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued September 14 and will mature October 26. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on September 12. Tenders totaled $182,260 million; 

Treasury accepted $60,002 million, including $181 million of noncompetitive tenders from the public. 

The high bank discount rate was 5.285 percent. 

Auction of 3-Year Notes 

On September 7, 2023, Treasury announced it would auction $44,000 million of 3-year notes. The issue 

was to refund $35,136 million of securities maturing September 15 and to raise new cash of 

approximately $63,864 million. 

The 3-year notes of Series AS-2026 were dated and issued September 15. They are due September 15, 

2026, with interest payable on March 15 and September 15 until maturity. Treasury set an interest rate of 

4-5/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 11. Tenders totaled $121,027 million; Treasury accepted

$44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.660 percent with an equivalent price of $99.903057. Treasury accepted in full all

competitive tenders at yields lower than 4.660 percent. Tenders at the high yield were allotted 33.71

percent. The median yield was 4.597 percent, and the low yield was 4.548 percent. Noncompetitive

tenders totaled $227 million. Competitive tenders accepted from private investors totaled $43,673 million.

The minimum par amount required for STRIPS of notes of Series AS-2026 is $100.

Auction of 9-Year 11-Month 3-7/8 Percent Notes 

On September 7, 2023, Treasury announced it would auction $35,000 million of 9-year 11-month 3-7/8 

percent notes. The issue was to refund $35,136 million of securities maturing September 15 and to raise 

new cash of approximately $63,864 million. 

The 9-year 11-month 3-7/8 percent notes of Series E-2033 were dated August 15 and issued September 

15. They are due August 15, 2033, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 12. Tenders totaled $88,255 million; Treasury accepted

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.289 percent with an equivalent price of $96.678677. Treasury accepted in full all

competitive tenders at yields lower than 4.289 percent. Tenders at the high yield were allotted 86.57

percent. The median yield was 4.229 percent, and the low yield was 4.180 percent. Noncompetitive

tenders totaled $79 million. Competitive tenders accepted from private investors totaled $34,921 million.

Accrued interest of $3.26427 per $1,000 must be paid for the period from August 15 to September 15.

The minimum par amount required for STRIPS of notes of Series E-2033 is $100.

Auction of 29-Year 11-Month 4-1/8 Percent Bonds 

50
On September 7, 2023, Treasury announced it would auction $20,000 million of 29-year 11-month 4-1/8 

percent bonds. The issue was to refund $35,136 million of securities maturing September 15 and to raise 

new cash of approximately $63,864 million. 

The 29-year 11-month 4-1/8 percent bonds of August 2053 were dated August 15 and issued September 

15. They are due August 15, 2053, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 13. Tenders totaled $49,221 million; Treasury accepted

$20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.345 percent with an equivalent price of $96.329971. Treasury accepted in full all

competitive tenders at yields lower than 4.345 percent. Tenders at the high yield were allotted 70.90

percent. The median yield was 4.270 percent, and the low yield was 4.230 percent. Noncompetitive

tenders totaled $16 million. Competitive tenders accepted from private investors totaled $19,984 million.

Accrued interest of $3.47486 per $1,000 must be paid for the period from August 15 to September 15.

The minimum par amount required for STRIPS of bonds of August 2053 is $100.

Auction of 42-Day Cash Management Bills 

On September 14, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued September 21 and will mature November 2. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on September 19. Tenders totaled $185,989 million; 

Treasury accepted $60,002 million, including $183 million of noncompetitive tenders from the public. 

The high bank discount rate was 5.285 percent. 

Auction of 42-Day Cash Management Bills 

On September 21, 2023, Treasury announced it would auction $60,000 million of 42-day bills. They were 

issued September 28 and will mature November 9. The issue was to raise new cash of approximately 

$60,000 million. Treasury auctioned the bills on September 26. Tenders totaled $173,677 million; 

Treasury accepted $60,000 million, including $172 million of noncompetitive tenders from the public. 

The high bank discount rate was 5.290 percent. 

Auction of 9-Year 10-Month 1-3/8 Percent TIPS 

On September 14, 2023, Treasury announced it would auction $15,000 million of 9-year 10-month 1-3/8 

percent TIPS. The issue was to raise new cash of approximately $39,000 million. 

The 9-year 10-month 1-3/8 percent TIPS of Series D-2033 were dated July 15 and issued September 29. 

They are due July 15, 2033, with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on September 21. Tenders totaled $36,527 million; Treasury accepted

$15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.094 percent with an equivalent adjusted price of $94.260749. Treasury accepted in full all

competitive tenders at yields lower than 2.094 percent. Tenders at the high yield were allotted 92.75

percent. The median yield was 2.018 percent, and the low yield was 1.980 percent. Noncompetitive

tenders totaled $63 million. Competitive tenders accepted from private investors totaled $14,937 million.

Adjusted accrued interest of $2.85784 per $1,000 must be paid for the period from July 15 to September

29. Both the unadjusted price of $93.661317 and the unadjusted accrued interest of $2.83967 were

51
TREASURY FINANCING: JULY-SEPTEMBER, continued 

adjusted by an index ratio of 1.0064, for the period from July 15 to September 29. The minimum par 

amount required for STRIPS of TIPS of Series D-2033 is $100. 

Auction of 1-Year 10-Month 0.125 Percent FRNs 

On September 21, 2023, Treasury announced it would auction $24,000 million of 1-year 10-month 0.125 

percent FRNs. The issue was to raise new cash of approximately $39,000 million. 

The 1-year 10-month 0.125 percent FRNs of Series BF-2025 were dated July 31 and issued September 

29. They are due July 31, 2025, with interest payable on October 31, January 31, April 30, and July 31

until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on September 27. Tenders totaled $82,145 million; Treasury 

accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high discount margin of 0.180 percent with an equivalent price of $99.898738. Treasury accepted in 

full all competitive tenders at discount margins lower than 0.180 percent. Tenders at the high discount 

margin were allotted 39.25 percent. The median discount margin was 0.165 percent, and the low discount 

margin was 0.100 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from 

private investors totaled $23,991 million. Accrued interest of $0.917418719 per $100 must be paid for the 

period from July 31 to September 29. 

52
TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, and 26 week) 

2023-July 05.................................................. 2023-Aug. 01 27 178,088.9 70,786.7 66,804.5 3,195.5 99.618625 5.085 5.190

Aug. 29 55 157,268.6 60,674.3 57,561.9 1,400.1 99.207083 5.190 5.319

Oct. 31 118 158,874.5 46,517.6 45,318.3 629.4 98.287361 5.225 5.405

July 06........................................................... Oct. 05 91 200,642.4 70,472.3 62,654.8 2,331.7 98.677972 5.230 5.388

2024-Jan. 04 182 179,923.8 62,882.0 54,032.9 2,467.4 97.340778 5.260 5.494

July 11........................................................... 2023-Aug. 08 28 178,621.4 70,828.9 65,895.7 4,074.5 99.599444 5.150 5.257

Sep. 05 56 173,364.4 60,710.9 58,558.5 1,442.1 99.191111 5.200 5.330

Nov. 07 119 152,975.2 46,545.6 44,275.5 561.6 98.264583 5.250 5.432

July 13........................................................... Oct. 12 91 207,720.4 70,131.7 61,941.4 2,359.1 98.672917 5.250 5.409

2024-Jan. 11 182 174,344.5 62,579.2 55,146.1 2,254.5 97.335722 5.270 5.504

July 18........................................................... 2023-Aug. 15 28 196,065.5 70,833.3 63,934.0 4,066.4 99.594778 5.210 5.318

Sep. 12 56 172,827.7 60,714.4 57,937.3 1,408.1 99.186444 5.230 5.361

Nov. 14 119 144,429.1 46,547.4 44,718.1 781.9 98.261278 5.260 5.442

July 20........................................................... Oct. 19 91 207,310.0 70,174.6 62,359.8 2,440.7 98.672917 5.250 5.409

2024-Jan. 18 182 181,671.3 62,616.9 55,398.6 2,601.5 97.345833 5.250 5.483

July 25........................................................... 2023-Aug. 22 28 186,824.5 70,778.6 65,449.2 4,076.8 99.591278 5.255 5.365

Sep. 19 56 179,960.7 60,668.1 58,782.6 1,218.0 99.182556 5.255 5.387

Nov. 21 119 151,693.9 46,512.9 45,295.6 705.6 98.257972 5.270 5.453

July 27........................................................... Oct. 26 91 194,958.8 70,005.5 60,681.7 2,525.9 98.667861 5.270 5.430

2024-Jan. 25 182 172,327.9 62,466.2 55,553.2 2,347.0 97.335722 5.270 5.504

Aug 01........................................................... 2023-Aug. 29 28 223,785.1 70,891.1 64,089.5 3,910.6 99.589722 5.275 5.385

Sep. 26 56 172,284.3 60,763.9 56,759.1 1,241.1 99.177889 5.285 5.418

Nov. 28 119 138,335.6 46,585.8 45,248.0 652.3 98.248056 5.300 5.484

Aug 03........................................................... Nov. 02 91 198,513.9 73,060.8 62,303.2 2,698.6 98.665333 5.280 5.441

2024-Feb. 01 182 178,091.1 65,191.2 55,099.3 2,796.8 97.335722 5.270 5.504

Aug 08........................................................... 2023-Sep. 05 28 197,089.3 70,899.6 65,285.1 4,715.0 99.589722 5.275 5.385

Oct. 03 56 167,081.7 60,772.0 58,473.9 1,527.0 99.177889 5.285 5.418

Dec. 05 119 148,133.2 46,591.9 45,199.9 800.8 98.248056 5.300 5.484

Aug 10........................................................... Nov. 09 91 196,163.9 73,375.3 64,232.9 2,767.5 98.662806 5.290 5.451

2024-Feb. 08 182 181,209.0 65,709.0 57,110.2 2,809.8 97.338250 5.265 5.499

Aug 15........................................................... 2023-Sep. 12 28 197,501.0 75,946.9 70,456.2 4,543.9 99.589333 5.280 5.390

Oct. 10 56 193,343.6 65,820.7 63,467.4 1,532.8 99.178667 5.280 5.412

Dec. 12 119 153,835.4 48,607.0 47,114.5 786.5 98.244750 5.310 5.495

Aug 17........................................................... Nov. 16 91 222,407.0 76,110.9 66,291.5 2,709.3 98.661542 5.295 5.456

2024-Feb. 15 182 178,578.9 68,389.4 59,102.1 2,898.4 97.325611 5.290 5.526

Aug 22........................................................... 2023-Sep. 19 28 214,493.1 80,928.9 75,697.0 4,274.3 99.589333 5.280 5.390

Oct. 17 56 203,003.9 70,811.8 68,559.6 1,440.5 99.178667 5.280 5.412

Dec. 19 119 151,745.7 50,580.6 49,059.1 841.8 98.246403 5.305 5.490

Aug 24........................................................... Nov. 24 92 209,926.6 74,657.3 66,595.1 2,405.9 98.645556 5.300 5.462

2024-Feb. 22 182 187,693.3 67,083.0 59,196.3 2,804.3 97.323083 5.295 5.531

Aug 29........................................................... 2023-Sep. 26 28 232,073.0 80,959.0 75,719.7 4,280.9 99.588944 5.285 5.395

Oct. 24 56 198,260.6 70,838.7 68,545.6 1,454.6 99.177111 5.290 5.423

Dec. 26 119 151,229.4 50,599.3 49,301.2 699.2 98.243097 5.315 5.500

Aug 31........................................................... Nov. 30 91 214,913.5 74,262.7 66,706.3 2,294.8 98.650167 5.340 5.503

2024-Feb. 29 182 201,553.8 66,728.6 59,116.2 2,884.5 97.295278 5.350 5.590

Sep 05........................................................... 2023-Oct. 03 28 236,513.8 80,492.6 75,066.6 4,935.0 99.589333 5.280 5.390

Oct. 31 56 194,588.6 70,430.0 68,654.1 1,346.2 99.177111 5.290 5.423

2024-Jan. 02 119 156,385.8 50,308.1 47,307.3 693.8 98.238139 5.330 5.516

Sep 07........................................................... 2023-Dec. 07 91 205,011.2 70,866.2 66,709.8 2,290.3 98.656486 5.315 5.477

2024-Mar. 07 182 188,639.2 63,677.9 59,491.4 2,509.7 97.320556 5.300 5.537

53
Continued from PDO-1 

Sep 12........................................................... 2023-Oct. 10 28 216,497.3 80,536.6 75,492.0 4,479.0 99.589333 5.280 5.390

Nov. 07 56 195,869.0 70,469.2 68,711.7 1,288.8 99.177111 5.290 5.423

2024-Jan. 09 119 149,097.9 50,335.0 47,364.6 635.5 98.236486 5.335 5.521

Sep 14........................................................... 2023-Dec. 14 91 207,422.2 70,911.8 66,672.1 2,328.6 98.656486 5.315 5.477

2024-Mar. 14 182 197,141.4 63,717.4 57,421.0 2,582.2 97.320556 5.300 5.537

Sep 19........................................................... 2023-Oct. 17 28 213,489.3 80,510.6 75,479.1 4,521.0 99.588944 5.285 5.395

Nov. 14 56 194,268.9 70,447.8 68,630.1 1,321.0 99.176333 5.295 5.428

2024-Jan. 16 119 147,861.3 50,320.1 47,291.3 712.8 98.238139 5.330 5.516

Sep 21........................................................... 2023-Dec. 21 91 198,098.0 69,733.4 66,448.9 2,451.7 98.656486 5.315 5.477

2024-Mar. 21 182 190,004.8 62,658.8 59,395.3 2,605.1 97.320556 5.300 5.537

Sep 26........................................................... 2023-Oct. 24 28 224,328.9 80,538.6 75,696.1 4,305.0 99.589333 5.280 5.390

Nov. 21 56 181,275.2 70,471.2 68,725.2 1,275.7 99.175556 5.300 5.433

2024-Jan. 23 119 141,632.6 50,336.2 47,674.2 667.1 98.234833 5.340 5.527

Sep 28........................................................... 2023-Dec. 28 91 194,131.3 71,726.7 66,560.3 2,440.4 98.652694 5.330 5.493

2024-Mar. 28 182 182,840.1 64,449.6 59,485.9 2,514.2 97.312972 5.315 5.553

1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 

52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 8 

weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5)

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

07/03/23 07/06/23 5.170% CMB—08/17/23 42d 136,254 50,000

07/11/23 07/13/23 5.210% CMB—08/24/23 42d 140,741 50,001

07/11/23 07/13/23 5.130% bill—07/11/24 364d 112,343 41,000

07/11/23 07/17/23 4.500% note—07/15/26-AQ 3y 115,286 40,000 4.534 - 99.905249 

07/12/23 07/17/23 3.375% note—05/15/33-C 9y 10m 81,021 32,000 3.857 - 96.080353 

07/13/23 07/17/23 3.625% bond—05/15/53 29y 10m 43,784 18,000 3.910 - 94.999360 

07/18/23 07/20/23 5.240% CMB—08/31/23 42d 159,468 50,002 

07/25/23 07/27/23 5.275% CMB—09/07/23 42d 176,727 50,001

07/19/23 07/31/23 3.875% bond—05/15/43 19y 10m 32,199 12,000 4.036 - 97.810388 

07/20/23 07/31/23 1.375% TIPS—07/15/33-D 10y 42,753 17,000 1.495 - 99.021857 

07/24/23 07/31/23 4.750% note—07/31/25-BE 2y 116,839 42,000 4.823 - 99.862395 

07/25/23 07/31/23 4.125% note—07/31/28-AB 5y 111,896 43,000 4.170 - 99.798788 

07/26/23 07/31/23 0.125% FRN—07/31/25-BF 2y 61,889 24,000 0.125 - 100.000000 

07/27/23 07/31/23 4.000% note—07/31/30-N 7y 86,765 35,000 4.087 - 99.474987 

08/01/23 08/03/23 5.280% CMB—09/14/23 42d 161,951 50,001

08/08/23 08/10/23 5.275% CMB—09/21/23 42d 162,484 55,001

08/08/23 08/10/23 5.060% bill—08/08/24 364d 122,477 43,806 

08/08/23 08/15/23 4.375% note—08/15/26-AR 3y 137,539 57,713 4.398 - 99.936014 

08/09/23 08/15/23 3.875% note—08/15/33-E 10y 111,381 52,216 3.999 - 98.986162 

08/10/23 08/15/23 4.125% bond—08/15/53 30y 64,210 31,605 4.189 - 98.912672 

08/15/23 08/17/23 5.285% CMB—09/28/23 42d 180,506 60,000

08/17/23 08/22/23 5.220% CMB—08/29/23 7d 134 25

08/22/23 08/24/23 5.280% CMB—10/05/23 42d 196,317 60,002 

08/23/23 08/25/23 0.125% FRN—07/31/25-BF 1y 11m 58,175 24,000 0.165 - 99.922256 

54
Continued from PDO-2 

08/29/23 08/31/23 5.290% CMB—10/12/23 42d 168,708 60,001 

08/23/23 08/31/23 4.375% bond—08/15/43 20y 42,590 17,662 4.499 - 98.374204 

08/24/23 08/31/23 1.500% TIPS—02/15/53 29y 6m 20,224 8,831 1.970 - 91.890055 

08/28/23 08/31/23 5.000% note—08/31/25-BG 2y 137,118 49,675 5.024 - 99.954869 

08/28/23 08/31/23 4.375% note—08/31/28-AC 5y 121,403 50,779 4.400 - 99.888884 

08/29/23 08/31/23 4.125% note—08/31/30-P 7y 99,594 39,740 4.212 - 99.477286 

09/05/23 09/07/23 5.285% CMB—10/19/23 42d 182,448 60,001 

09/05/23 09/07/23 5.120% bill—09/05/24 364d 132,894 43,136

09/12/23 09/14/23 5.285% CMB—10/26/23 42d 182,260 60,002 

09/11/23 09/15/23 4.625% note—09/15/26-AS 3y 121,027 44,000 4.660 - 99.903057 

09/12/23 09/15/23 3.875% note—08/15/33-E 9y 11m 88,255 35,000 4.289 - 96.678677 

09/13/23 09/15/23 4.125% bond—08/15/53 29y 11m 49,221 20,000 4.345 - 96.329971 

09/19/23 09/21/23 5.285% CMB—11/02/23 42d 185,989 60,002 

09/26/23 09/28/23 5.290% CMB—11/09/23 42d 173,677 60,000 

09/21/23 09/29/23 1.375% TIPS—07/15/33-D 9y 10m 36,527 15,000 2.094 - 94.260749 

09/27/23 09/29/23 0.125% FRN—07/31/25-BF 1y 10m 82,145 24,000 0.180 - 99.898738 

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details 

of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes 

and bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 

55
INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 

56
TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2022 ................................................ 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

2023 ................................................ 33,186,902 33,167,334 6,817,835 - 6,817,835 5,352,361 

2022 - Sept...................................... 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

Oct....................................... 31,257,616 31,238,301 6,864,420 - 6,864,420 6,032,125 

Nov ...................................... 31,432,792 31,413,322 6,838,542 - 6,838,542 5,967,269 

Dec ...................................... 31,439,489 31,419,689 6,880,448 - 6,880,448 5,944,675 

2023 - Jan ....................................... 31,475,026 31,454,982 6,849,031 - 6,849,031 5,840,105 

Feb ...................................... 31,479,071 31,459,291 6,828,385 - 6,828,385 5,776,827 

Mar ...................................... 31,478,182 31,458,438 6,743,612 - 6,743,612 5,713,249 

 Apr....................................... 31,477,422 31,457,815 6,831,707 - 6,831,707 5,694,791 

May...................................... 31,484,194 31,464,457 6,813,789 - 6,813,789 5,587,272 

June..................................... 32,352,141 32,332,274 6,850,199 - 6,850,199 5,522,478 

 July...................................... 32,628,429 32,608,585 6,879,879 - 6,879,879 5,458,696 

Aug ...................................... 32,933,803 32,914,149 6,850,248 - 6,850,248 5,394,355 

Sept..................................... 33,186,902 33,167,334 6,817,835 - 6,817,835 5,352,361 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 - 

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 - 

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2022 ................................................ 18,223,121 17,597,039 626,082 19,353 19,353 - 

2023 ................................................ 20,997,138 20,401,322 595,816 19,568 19,568 - 

2022 - Sept...................................... 18,223,121 17,597,039 626,082 19,353 19,353 - 

 Oct........................................ 18,341,756 17,711,360 630,396 19,315 19,315 - 

 Nov....................................... 18,607,511 17,986,231 621,280 19,470 19,470 - 

 Dec....................................... 18,594,566 17,994,625 599,942 19,800 19,800 - 

2023 - Jan ....................................... 18,765,846 18,287,504 478,342 20,044 20,044 - 

 Feb ....................................... 18,854,079 18,505,738 348,342 19,780 19,780 - 

 Mar....................................... 19,001,577 18,668,992 332,584 19,744 19,744 - 

 Apr........................................ 18,931,317 18,591,005 340,312 19,607 19,607 - 

 May ...................................... 19,063,396 18,740,909 322,487 19,737 19,737 - 

 June ..................................... 19,959,597 19,364,172 595,426 19,867 19,867 - 

 July....................................... 20,270,010 19,679,300 590,710 19,844 19,844 - 

 Aug....................................... 20,669,546 20,083,208 586,338 19,654 19,654 - 

 Sept...................................... 20,997,138 20,401,322 595,816 19,568 19,568 - 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 

57
TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies *,3

 (8) 

Mutual 

funds 3, 7

(9)

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2023 - Sept........ 33,167.4 11,790.1 21,377.4 N/A 175.7 N/A N/A N/A N/A N/A N/A N/A 

 June ....... 32,332.3 11,976.9 20,355.4 1,555.7 178.2 908.9 373.7 411.9 2,598.7 1,645.8 N/A N/A 

 Mar......... 31,458.4 12,044.6 19,413.8 1,615.5 177.8 603.4 355.3 405.9 2,414.3 1,648.9 N/A N/A 

2022 - Dec......... 31,419.9 12,401.4 19,018.5 1,714.1 173.5 821.3 321.0 391.3 2,416.2 1,563.3 7,290.1 4,327.8 

 Sept........ 30,928.9 12,264.7 18,664.2 1,736.8 166.2 810.6 311.4 366.8 2,604.3 1,529.4 7,251.5 3,887.2 

 June ....... 30,568.6 12,399.7 18,168.9 1,807.7 160.4 809.2 354.9 366.1 2,890.3 1,555.5 7,416.9 2,807.9 

 Mar......... 30,401.0 12,281.3 18,119.7 1,754.1 149.7 811.8 380.3 374.5 3,290.7 1,420.0 7,604.2 2,334.4 

2021 - Dec......... 29,617.2 12,125.9 17,491.3 1,734.0 146.2 809.6 407.9 419.3 3,411.7 1,440.7 7,740.4 1,381.6 

 Sept........ 28,428.9 11,579.1 16,849.8 1,540.3 143.6 622.7 385.9 423.8 3,238.0 1,394.2 7,570.9 1,530.4 

 June ....... 28,529.4 11,382.9 17,146.5 1,433.1 144.6 787.5 387.8 421.2 3,778.5 1,313.7 7,518.9 1,361.2 

 Mar......... 28,132.6 11,095.5 17,037.1 1,347.9 145.7 761.2 346.3 391.9 3,951.4 1,099.6 7,038.3 1,954.7 

2020 - Dec......... 27,747.8 10,809.2 16,938.6 1,265.2 147.1 770.6 355.4 398.2 3,784.6 1,111.9 7,070.7 2,034.8 

 Sept........ 26,945.4 10,371.9 16,573.5 1,241.1 148.6 772.6 319.4 414.3 3,724.9 1,059.7 7,069.2 1,823.7 

 June ....... 26,477.4 10,157.7 16,319.6 1,157.9 149.8 766.9 290.1 403.2 3,695.4 1,034.8 7,052.1 1,769.4 

 Mar......... 23,686.9 9,279.7 14,407.2 947.6 150.0 758.9 331.5 396.8 2,501.7 862.1 6,949.5 1,509.1 

2019 - Dec......... 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 335.5 368.7 2,412.8 793.1 6,844.2 2,295.5 

 Sept........ 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.0 366.8 2,319.7 766.8 6,923.5 2,223.1 

 June ....... 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 384.6 363.6 2,037.0 751.4 6,625.9 2,483.9 

 Mar......... 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.1 2,189.2 752.7 6,474.0 2,526.7 

2018 - Dec......... 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9 

 Sept........ 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June ....... 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4 

 Mar......... 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept........ 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7 

 June ....... 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5 

 Mar......... 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept........ 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June ....... 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar......... 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept........ 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June ....... 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar......... 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept........ 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June ....... 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar......... 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve Board of Governors, Factors Affecting Reserve Balances – 

H.4.1, and the U.S. Treasury MSPD for intragovernmental holdings. Federal Reserve 

holdings exclude Treasury securities held under repurchase agreements. As of February 

2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Treasury International Capital Survey https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt. Includes nonmarketable foreign 

series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held 

under repurchase agreements in custody accounts at the Federal Reserve Bank of New 

York. For additional information, see: https://home.treasury.gov/data/treasury-internationalcapital-tic-system. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the 

FRB Flow of Funds Z.1 release series reporting this data. This new series is now being 

captured and “Insurance companies” data have been revised back to June 2013. 

58
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2023 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,746,228,506,646 $2,694,373,627,330 $2,693,899,048,206 $238,894,466 $235,684,658

Less amounts held by: 

The Treasury....................................... 169,571,710 87,679,710 87,391,577 99,589 188,544

FRBs ................................................... 422,986,449,457 421,509,070,614 421,509,068,093 - 2,521

Amounts in circulation............................. $2,323,072,485,479 $2,272,776,877,006 $2,272,302,588,536 $238,794,877 $235,493,593

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $51,854,879,316 6,548,044,108 45,306,835,208 

Less amounts held by: 

The Treasury....................................... 81,892,000 48,770,000 33,122,000 

FRBs ................................................... 1,477,378,843 855,147,002 622,231,841 

Amounts in circulation .............................

$50,295,608,473 $5,644,127,106 $44,651,481,367 

See footnotes following table USCC-2. 

59
TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2023 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $14,398,649,115 $14,259,064,733 $143,468 $139,440,914 

$2 ................................................................................ 3,096,834,606 2,965,423,498 131,398,544 12,564 

$5 ................................................................................ 17,452,420,365 17,322,891,195 107,322,295 22,206,875 

$10 .............................................................................. 22,974,655,120 22,954,958,060 2,410 19,694,650 

$20 .............................................................................. 220,342,421,200 220,322,324,000 -5,180 20,102,380 

$50 .............................................................................. 122,428,802,400 122,417,325,350 -21,650 11,498,700 

$100 ............................................................................ 1,871,771,042,600 1,871,749,107,200 -50,6006 21,986,000 

$500 ............................................................................ 141,714,000 141,523,500 2,500 188,000 

$1,000 ......................................................................... 165,122,000 164,911,000 3,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $2,272,776,877,006 $2,272,302,588,536 $238,794,877 $235,493,593 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Sept. 30, 2023...................................................................................... 2,323,072 6,921

Aug. 31, 2023....................................................................................... 2,332,521 6,953

July 31, 2023........................................................................................ 2,333,085 6,957

Sept. 30, 2020...................................................................................... 2,032,424 6,150

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

June 30, 1980 ...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 

60
Foreign Currency Positions

Exchange Stabilization Fund

61
INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 

62
SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

04/05/23 ................................................................. 2,257,191 2,341,810 -247 1.3453

04/12/23 ................................................................. 2,215,395 2,296,052 -269 1.3450

04/19/23 ................................................................. 2,229,999 2,320,731 -261 1.3454

04/26/23 ................................................................. 2,259,658 2,346,249 -212 1.3601

05/03/23 ................................................................. 2,235,454 2,318,522 -194 1.3610

05/10/23 ................................................................. 2,330,778 2,432,332 -284 1.3374

05/17/23 ................................................................. 2,332,694 2,428,211 -279 1.3483

05/24/23 ................................................................. 2,362,195 2,461,424 -249 1.3589

05/31/23 ................................................................. 2,540,625 2,639,328 -242 1.3588

06/07/23 ................................................................. 2,562,699 2,661,863 -244 1.3363

06/14/23 ................................................................. 2,673,278 2,785,032 -199 1.3283

06/21/23 ................................................................. 2,318,842 2,431,585 -163 1.3179

06/28/23 ................................................................. 2,262,310 2,365,809 -230 1.3249

07/05/23 ................................................................. 2,158,230 2,266,435 -217 1.3271

07/12/23 ................................................................. 2,204,917 2,317,262 -164 1.3179

07/19/23 ................................................................. 2,195,478 2,313,977 -146 1.3158

07/26/23 ................................................................. 2,231,311 2,350,625 -163 1.3218

08/02/23 ................................................................. 2,254,330 2,369,650 -199 1.3334

08/09/23 ................................................................. 2,302,405 2,418,176 -197 1.3442

08/16/23 ................................................................. 2,297,076 2,403,349 -260 1.3516

08/23/23 ................................................................. 2,248,055 2,348,402 -267 1.3542

08/30/23 ................................................................. 2,397,907 2,505,108 -271 1.3515

09/06/23 ................................................................. 2,343,924 2,448,080 -296 1.3655

09/13/23 ................................................................. 2,475,569 2,582,734 -280 1.3533

09/20/23 ................................................................. 2,123,618 2,225,593 -220 1.3424

09/27/23 ................................................................. 2,193,512 2,285,026 -259 1.3512

63
SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Dec ................... 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 - Oct. .................. 2,185,240 2,219,150 201,416 182,062 66,047 69,244 116,079 106,843 -171 1.3639 

Nov .................. 2,372,851 2,399,039 203,087 168,116 74,748 74,300 123,272 109,972 -217 1.3538 

Dec .................. 2,044,174 2,084,594 299,322 250,111 66,431 65,312 98,984 87,735 -58 1.3532 

2023 – Jan. ................. 2,188,977 2,261,322 266,906 170,575 75,509 68,555 104,127 96,541 -87 1.3333 

Feb .................. 2,223,617 2,311,320 200,653 193,406 88,554 80,211 112,858 105,959 -187 1.3616 

Mar .................. 2,340,378 2,412,176 221,066 161,374 84,889 85,556 107,466 114,128 -165 1.3525 

 Apr. .................. 2,374,103 2,468,285 217,205 178,104 73,930 66,389 103,392 95,233 -170 1.3552 

May .................. 2,580,556 2,678,841 218,067 178,678 73,427 71,442 102,700 93,450 -182 1.3588 

June ................. 2,292,897 2,398,273 267,995 168,596 71,766 67,363 93,593 85,208 -183 1.3232 

 July. ................. 2,327,746 2,450,110 276,308 183,118 72,387 70,785 94,850 87,348 -119 1.3160 

Aug .................. 2,462,795 2,560,409 219,803 225,058 77,176 70,239 100,866 93,868 -242 1.3539 

Sept ................. 2,237,353 2,323,147 207,812 193,179 81,520 74,071 103,107 94,569 -235 1.3535 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2020 - Dec ................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 

2021 - Mar ................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

June ................. 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 

Sept .................. 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 

Dec ................... 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653 

2022 - Mar ................... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482 

June ................. 51,018 92,298 118,012 80,053 554 790 1,265 619 26 1.2871 

Sept .................. 41,270 81,478 117,059 80,272 380 540 2,867 2,238 -101 1.3752 

Dec ................... 48,320 90,564 118,998 83,340 541 587 2,105 1,597 -205 1.3532 

2023 - Mar ................... 34,128 85,156 116,437 78,419 427 426 1,724 1,094 -1 1.3525 

June ................. 48,147 95,718 111,554 73,779 494 1,041 1,693 702 18 1.3232 

64
SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/05/23 .................................................................. 649,840 663,706 -138 131.11

04/12/23 .................................................................. 648,124 661,329 -118 133.25

04/19/23 .................................................................. 648,910 657,532 -146 134.79

04/26/23 .................................................................. 672,875 680,677 -146 133.72

05/03/23 .................................................................. 665,792 672,997 -145 135.31

05/10/23 .................................................................. 661,471 668,260 -140 134.52

05/17/23 .................................................................. 664,352 671,926 -154 137.51

05/24/23 .................................................................. 665,538 673,218 -149 139.14

05/31/23 .................................................................. 681,168 689,292 -144 139.78

06/07/23 .................................................................. 681,506 689,305 -138 139.98

06/14/23 .................................................................. 718,240 730,003 -159 139.33

06/21/23 .................................................................. 670,058 685,241 -170 142.09

06/28/23 .................................................................. 668,901 682,119 -158 144.23

07/05/23 .................................................................. 641,530 653,369 -157 144.56

07/12/23 .................................................................. 659,618 672,263 -166 138.21

07/19/23 .................................................................. 655,953 669,075 -182 139.76

07/26/23 .................................................................. 655,868 667,160 -183 140.41

08/02/23 .................................................................. 659,952 669,689 -198 143.21

08/09/23 .................................................................. 676,588 683,367 -210 143.58

08/16/23 .................................................................. 673,408 678,618 -205 145.81

08/23/23 .................................................................. 666,980 677,558 -203 144.62

08/30/23 .................................................................. 704,265 714,613 -215 145.94

09/06/23 .................................................................. 685,501 695,131 -228 147.65

09/13/23 .................................................................. 705,316 714,429 -222 147.45

09/20/23 .................................................................. 660,636 669,098 -220 147.74

09/27/23 .................................................................. 672,671 680,393 -220 149.48

65
SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2020 - Dec .................. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 - Dec .................. 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09 

2022 - Oct. ................. 670,461 671,824 108,448 89,595 34,530 34,140 45,537 47,812 -214 148.63 

Nov ................. 699,778 700,920 96,835 85,337 34,610 34,714 44,572 46,222 -115 139.31 

Dec ................. 612,720 614,147 150,445 139,279 31,555 32,280 42,332 44,237 -44 131.81 

2023 – Jan. ................ 633,927 632,933 100,824 88,725 36,809 37,719 49,567 51,464 -58 130.17 

Feb ................. 642,974 645,679 107,780 94,654 36,847 38,202 50,545 51,698 -81 136.09 

Mar ................. 660,035 671,429 95,817 78,529 38,235 40,800 51,362 53,193 -97 132.75 

 Apr. ................. 678,619 683,123 117,274 101,960 37,493 38,851 49,595 51,453 -88 135.99 

May ................. 689,413 697,939 124,884 105,128 35,909 37,002 48,634 50,578 -82 139.78 

June ................ 674,500 686,573 128,538 109,191 33,756 34,382 45,206 47,277 -82 144.47 

 July. ................ 675,107 686,874 118,256 99,445 37,119 38,227 51,445 52,378 -130 142.18 

Aug ................. 703,962 713,380 129,884 108,555 35,529 36,130 49,825 51,867 -150 145.68 

Sept ................ 677,275 684,429 136,423 112,321 34,054 35,754 47,503 49,331 -131 149.43 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2020 - Dec ................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 

2021 - Mar ................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

June ................. 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 

Sept .................. 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

Dec ................... 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 

2022 - Mar ................... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 

June ................. 9,589 9,172 11,312 7,832 488 1,545 1,726 407 30 135.69 

Sept .................. 10,306 10,801 11,610 7,318 643 1,401 1,680 598 22 144.71 

Dec ................... 10,621 10,192 13,123 8,999 739 899 917 586 25 131.81 

2023 - Mar ................... 11,968 11,739 13,054 8,962 968 868 905 708 22 132.75 

 June ................. 12,719 13,036 13,875 9,475 1,384 937 1,103 778 32 144.47 

66
SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/05/23 .................................................................. 1,079,734 1,100,009 -153 0.9050

04/12/23 .................................................................. 1,045,495 1,056,584 -9 0.8968

04/19/23 .................................................................. 1,029,732 1,048,530 -135 0.8984

04/26/23 .................................................................. 1,060,018 1,076,974 -146 0.8901

05/03/23 .................................................................. 1,073,105 1,088,909 -132 0.8871

05/10/23 .................................................................. 1,091,350 1,110,505 -118 0.8911

05/17/23 .................................................................. 1,063,634 1,082,967 -102 0.8992

05/24/23 .................................................................. 1,074,881 1,080,033 -77 0.9058

05/31/23 .................................................................. 1,131,375 1,164,609 -97 0.9129

06/07/23 .................................................................. 1,127,961 1,166,864 -92 0.9089

06/14/23 .................................................................. 1,223,454 1,261,921 -88 0.8972

06/21/23 .................................................................. 1,098,310 1,123,863 -54 0.8950

06/28/23 .................................................................. 1,057,251 1,095,026 -69 0.8975

07/05/23 .................................................................. 1,020,954 1,041,395 -60 0.8980

07/12/23 .................................................................. 1,072,605 1,094,251 -7 0.8676

07/19/23 .................................................................. 1,094,408 1,122,802 19 0.8598

07/26/23 .................................................................. 1,105,036 1,134,039 24 0.8625

08/02/23 .................................................................. 1,169,759 1,198,179 -27 0.8779

08/09/23 .................................................................. 1,099,663 1,126,130 -25 0.8770

08/16/23 .................................................................. 1,077,180 1,107,758 -22 0.8786

08/23/23 .................................................................. 1,038,955 1,064,704 -18 0.8785

08/30/23 .................................................................. 1,124,102 1,158,262 -18 0.8772

09/06/23 .................................................................. 1,102,856 1,128,988 -79 0.8924

09/13/23 .................................................................. 1,147,148 1,181,125 -65 0.8925

09/20/23 .................................................................. 1,068,102 1,101,327 -66 0.8953

09/27/23 .................................................................. 1,111,494 1,140,930 -85 0.9198

67
SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - Dec ................... 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

2022 - Oct. .................. 1,169,850 1,177,409 78,531 67,865 52,207 46,695 73,181 72,968 -25 1.0006 

Nov .................. 1,312,292 1,338,952 80,477 65,446 49,492 43,667 67,549 67,912 -102 0.9486 

Dec .................. 1,042,905 1,086,303 146,410 131,016 35,889 33,335 51,408 50,623 -124 0.9241 

2023 – Jan. ................. 1,126,952 1,146,830 80,358 68,719 41,888 36,462 66,383 66,411 -118 0.9186 

Feb .................. 1,156,754 1,142,603 77,675 68,327 41,968 37,364 67,174 64,583 -66 0.9376 

Mar .................. 1,114,331 1,119,531 74,236 72,153 44,972 48,185 70,727 73,721 -121 0.9129 

 Apr. .................. 1,125,493 1,156,232 79,449 73,698 41,908 39,847 64,798 59,198 -139 0.8911 

May .................. 1,153,604 1,188,634 74,523 64,890 47,085 43,375 70,470 65,482 -99 0.9129 

June ................. 1,091,050 1,129,073 70,177 62,227 40,164 36,673 55,845 52,050 -65 0.8947 

 July. ................. 1,154,340 1,186,694 75,006 69,219 45,528 43,085 63,458 60,576 -6 0.8688 

Aug .................. 1,194,109 1,244,951 68,191 57,979 41,573 38,765 60,900 57,583 -62 0.8837 

Sept ................. 1,208,407 1,247,143 78,649 64,928 49,019 43,035 71,152 69,933 -62 0.9141 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar ................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

June ................. 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 

Sept .................. 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

Dec ................... 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119 

2022 - Mar ................... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211 

June ................. 29,612 58,287 78,490 13,868 1,236 592 501 390 119 0.9550 

Sept .................. 34,331 64,276 82,319 14,897 1,945 2,127 555 866 36 0.9845 

Dec ................... 35,275 67,444 76,535 10,027 210 125 269 480 n.a. 0.9241 

2023 - Mar ................... 36,992 70,060 80,479 15,205 274 379 677 485 1 0.9129 

 June ................. 28,959 64,390 77,270 17,427 129 72 229 154 1 0.8947 

68
SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/05/23 .................................................................. 3,218,883 3,323,179 -252 1.2469

04/12/23 .................................................................. 3,201,619 3,296,574 -221 1.2470

04/19/23 .................................................................. 3,206,750 3,286,823 -238 1.2442

04/26/23 .................................................................. 3,251,020 3,354,258 -222 1.2486

05/03/23 .................................................................. 3,181,646 3,308,568 -211 1.2547

05/10/23 .................................................................. 3,282,028 3,400,218 -214 1.2614

05/17/23 .................................................................. 3,268,636 3,394,464 -207 1.2475

05/24/23 .................................................................. 3,258,058 3,377,679 -221 1.2369

05/31/23 .................................................................. 3,447,805 3,576,420 -202 1.2396

06/07/23 .................................................................. 3,409,792 3,514,790 -203 1.2452

06/14/23 .................................................................. 3,657,489 3,777,182 -154 1.2697

06/21/23 .................................................................. 3,408,644 3,507,637 -118 1.2737

06/28/23 .................................................................. 3,417,753 3,514,147 -183 1.2637

07/05/23 .................................................................. 3,228,292 3,354,300 -166 1.2710

07/12/23 .................................................................. 3,384,334 3,461,130 -142 1.2994

07/19/23 .................................................................. 3,320,075 3,391,615 -140 1.2898

07/26/23 .................................................................. 3,362,781 3,427,088 -144 1.2930

08/02/23 .................................................................. 3,433,963 3,505,594 -238 1.2711

08/09/23 .................................................................. 3,435,617 3,493,254 -207 1.2715

08/16/23 .................................................................. 3,409,746 3,476,393 -208 1.2749

08/23/23 .................................................................. 3,305,651 3,373,992 -220 1.2715

08/30/23 .................................................................. 3,519,078 3,603,506 -251 1.2726

09/06/23 .................................................................. 3,468,673 3,535,001 -288 1.2498

09/13/23 .................................................................. 3,606,740 3,680,115 -248 1.2488

09/20/23 .................................................................. 3,374,513 3,472,678 -236 1.2389

09/27/23 .................................................................. 3,538,982 3,626,523 -295 1.2133

69
SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 - Dec ................... 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544 

2022 - Oct. .................. 3,581,152 3,767,174 568,161 537,091 95,312 90,168 132,085 102,202 -397 1.1515 

Nov .................. 3,578,598 3,728,940 698,654 625,751 89,688 81,914 130,106 97,781 5 1.1962 

Dec .................. 3,130,374 3,282,984 743,337 718,880 74,607 69,785 99,886 78,731 -141 1.2077 

2023 – Jan. ................. 3,285,243 3,387,060 666,980 597,027 71,890 68,325 111,116 88,123 -28 1.2324 

Feb .................. 3,373,534 3,524,496 615,982 540,022 73,467 67,625 126,589 105,621 -228 1.2093 

Mar .................. 3,375,604 3,492,093 700,913 599,252 74,103 104,477 112,159 129,384 -83 1.2369 

 Apr. .................. 3,284,257 3,417,557 749,845 642,403 65,864 63,215 89,168 70,490 -10 1.2582 

May .................. 3,503,528 3,633,249 609,287 505,154 70,828 69,876 96,443 77,990 -6 1.2396 

June ................. 3,471,988 3,579,580 719,186 592,645 74,878 75,717 91,251 86,761 24 1.2710 

 July. ................. 3,541,987 3,622,936 713,755 594,268 78,092 80,714 96,184 93,562 -110 1.2857 

Aug .................. 3,610,434 3,703,624 624,467 529,466 80,081 81,820 97,378 91,542 -203 1.2666 

Sept ................. 3,716,636 3,814,154 716,706 624,917 76,160 81,145 96,450 89,856 -184 1.2214 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662

2021 - Mar ................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

June ................. 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

Sept .................. 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 

Dec ................... 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 

2022 - Mar ................... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

June ................. 47,567 60,729 229,952 86,971 845 1,381 3,685 2,430 197 1.2162 

Sept .................. 65,397 77,502 233,391 89,211 2,710 3,369 7,469 6,066 53 1.1135 

Dec ................... 65,556 77,577 241,635 97,252 886 1,053 6,367 5,629 -75 1.2077 

2023 - Mar ................... 50,175 63,342 231,199 80,907 2,436 1,527 12,435 12,147 -23 1.2369 

 June ................. 54,652 67,653 234,134 82,802 1,560 1,533 2,342 1,624 -43 1.2710 

70
SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

04/05/23 ................................................................ 28,825,998 28,087,143 -2,017 n.a.

04/12/23 ................................................................ 28,799,231 28,041,732 -1,717 n.a.

04/19/23 ................................................................ 28,663,798 27,955,138 -1,788 n.a.

04/26/23 ................................................................ 29,625,597 28,817,167 -1,933 n.a.

05/03/23 ................................................................ 28,879,051 28,133,365 -1,911 n.a.

05/10/23 ................................................................ 29,647,085 28,860,957 -2,034 n.a.

05/17/23 ................................................................ 29,735,800 28,999,582 -1,503 n.a.

05/24/23 ................................................................ 29,816,663 29,151,460 -1,261 n.a.

05/31/23 ................................................................ 30,991,882 30,179,283 -1,084 n.a.

06/07/23 ................................................................ 31,351,150 30,609,008 -953 n.a.

06/14/23 ................................................................ 33,263,161 32,383,908 -2,012 n.a.

06/21/23 ................................................................ 30,257,277 29,460,807 -2,182 n.a.

06/28/23 ................................................................ 29,931,347 29,038,352 -1,946 n.a.

07/05/23 ................................................................ 28,720,766 27,977,178 -2,222 n.a.

07/12/23 ................................................................ 29,622,343 28,895,034 -3,036 n.a.

07/19/23 ................................................................ 29,927,192 29,197,679 -3,183 n.a.

07/26/23 ................................................................ 30,370,400 29,623,894 -3,157 n.a.

08/02/23 ................................................................ 30,308,404 29,652,088 -2,677 n.a.

08/09/23 ................................................................ 30,551,230 29,834,089 -2,771 n.a.

08/16/23 ................................................................ 30,398,867 29,754,502 -2,252 n.a.

08/23/23 ................................................................ 30,391,499 29,608,147 -2,612 n.a.

08/30/23 ................................................................ 32,176,592 31,268,060 -2,766 n.a.

09/06/23 ................................................................ 31,334,028 30,578,201 -1,933 n.a.

09/13/23 ................................................................ 32,525,532 31,808,979 -2,100 n.a.

09/20/23 ................................................................ 29,572,881 28,800,569 -1,976 n.a.

09/27/23 ................................................................ 30,446,864 29,673,066 -1,643 n.a.

71
SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec .............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 - Dec .............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a.

2022 - Oct. ............. 28,940,247 28,039,181 - - 1,887,153 1,894,152 1,335,749 1,315,237 -2,319 n.a.

Nov ............. 30,669,107 29,762,125 - - 1,835,778 1,818,696 1,374,045 1,362,692 -1,779 n.a.

Dec ............. 26,784,877 26,088,452 - - 1,530,968 1,520,182 1,216,239 1,208,015 -1,924 n.a.

2023 – Jan. ............ 29,130,183 28,361,770 - - 1,575,024 1,528,306 1,312,163 1,323,629 -2,579 n.a.

Feb ............. 29,956,877 29,129,801 - - 1,668,557 1,617,419 1,327,987 1,445,652 -1,138 n.a.

Mar ............. 29,873,925 29,162,129 - - 1,623,319 1,702,428 1,325,883 1,479,139 -2,381 n.a.

 Apr. ............. 30,566,417 29,112,700 - - 1,540,630 1,481,987 1,260,827 1,286,941 -2,372 n.a.

May ............. 31,529,718 30,694,112 - - 1,658,697 1,622,917 1,276,422 1,286,319 -1,583 n.a.

June ............ 30,724,859 30,004,145 - - 1,679,152 1,648,784 1,277,014 1,380,216 -2,352 n.a.

 July. ............ 31,245,844 30,420,897 - - 1,767,448 1,727,938 1,325,712 1,351,345 -3,070 n.a.

Aug ............. 32,511,391 31,802,880 - - 1,832,925 1,822,757 1,330,155 1,331,414 -2,694 n.a.

Sept ............ 31,011,932 30,318,280 - - 1,765,150 1,758,166 1,273,972 1,287,939 -1,564 n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

2020 - Dec .................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept ................. 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec .................. 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.

2022 - Mar.................. 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

June ................ 607,130 456,683 - - 32,596 23,484 19,169 24,909 1,840 n.a.

Sept ................. 721,276 497,326 - - 47,856 36,665 27,509 37,382 2,071 n.a.

Dec .................. 649,381 487,468 - - 26,799 25,667 18,936 21,969 563 n.a.

2023 - Mar.................. 683,824 520,411 - - 37,787 34,925 30,505 27,324 953 n.a.

 June ................ 667,196 484,227 - - 29,952 27,938 28,453 26,751 1,460 n.a.

72
SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/05/23 ............................................................................. 8,856,252 8,963,718 -513 0.9159

04/12/23 ............................................................................. 8,944,122 9,037,213 -370 0.9102

04/19/23 ............................................................................. 8,772,728 8,917,818 -639 0.9130

04/26/23 ............................................................................. 9,017,389 9,169,876 -711 0.9048

05/03/23 ............................................................................. 8,877,140 9,028,343 -705 0.9051

05/10/23 ............................................................................. 9,110,188 9,263,434 -583 0.9119

05/17/23 ............................................................................. 9,071,036 9,258,310 -479 0.9234

05/24/23 ............................................................................. 9,040,635 9,201,191 -343 0.9295

05/31/23 ............................................................................. 9,560,210 9,718,018 -275 0.9386

06/07/23 ............................................................................. 9,621,607 9,760,185 -242 0.9344

06/14/23 ............................................................................. 10,189,064 10,341,572 -401 0.9209

06/21/23 ............................................................................. 9,336,785 9,486,089 -530 0.9132

06/28/23 ............................................................................. 9,288,670 9,457,603 -488 0.9171

07/05/23 ............................................................................. 9,016,528 9,167,615 -387 0.9201

07/12/23 ............................................................................. 9,200,953 9,350,360 -485 0.8990

07/19/23 ............................................................................. 9,320,452 9,479,480 -520 0.8933

07/26/23 ............................................................................. 9,372,564 9,500,986 -434 0.9027

08/02/23 ............................................................................. 9,435,858 9,554,791 -367 0.9142

08/09/23 ............................................................................. 9,308,606 9,431,178 -399 0.9112

08/16/23 ............................................................................. 9,233,586 9,450,069 -328 0.9171

08/23/23 ............................................................................. 9,114,917 9,263,523 -258 0.9206

08/30/23 ............................................................................. 9,555,271 9,730,448 -472 0.9152

09/06/23 ............................................................................. 9,387,853 9,571,541 -145 0.9334

09/13/23 ............................................................................. 9,689,929 9,828,343 -144 0.9314

09/20/23 ............................................................................. 9,191,922 9,353,424 -167 0.9333

09/27/23 ............................................................................. 9,518,095 9,667,597 223 0.9515

73
SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 - Dec ................... 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 - Oct. .................. 9,317,447 9,562,336 1,714,416 1,606,395 630,007 654,963 560,640 504,835 846 1.0116 

Nov .................. 9,484,882 9,749,195 1,881,368 1,804,241 654,645 673,885 539,396 483,691 1,249 0.9687 

Dec .................. 8,682,204 8,813,882 2,506,186 2,364,725 584,733 608,180 454,131 405,660 417 0.9348 

2023 – Jan. ................. 9,119,079 9,340,728 1,907,422 1,778,270 646,668 661,978 492,588 440,845 196 0.9210 

Feb .................. 9,293,715 9,507,853 1,966,461 1,791,062 671,022 682,021 559,247 512,667 336 0.9432 

Mar .................. 9,388,716 9,504,077 1,784,748 1,656,316 670,760 729,443 514,374 501,435 230 0.9198 

 Apr. .................. 9,411,873 9,546,890 2,122,181 1,977,394 642,763 663,870 482,542 436,915 36 0.9058 

May .................. 9,894,400 10,063,115 2,179,106 2,036,151 633,619 662,733 514,089 464,242 33 0.9386 

June ................. 9,834,633 10,004,024 1,827,094 1,660,205 615,502 642,980 507,640 464,426 -237 0.9158 

 July. ................. 10,026,126 10,194,254 1,852,836 1,704,071 627,170 659,705 559,840 522,678 -333 0.9074 

Aug .................. 10,010,234 10,188,219 1,944,799 1,783,828 612,072 645,696 550,172 504,818 -287 0.9226 

Sept ................. 9,747,081 9,868,421 2,260,599 2,011,893 600,367 638,642 531,250 490,184 116 0.9448 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 - Dec ................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177 

2021 - Mar ................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

June ................. 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

Sept .................. 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

Dec ................... 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar ................... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 

June ................. 157,904 214,408 500,648 278,382 11,373 4,967 7,943 8,306 781 0.9552 

Sept .................. 173,968 234,988 512,686 292,337 8,762 7,747 13,543 12,123 -841 1.0222 

Dec ................... 169,022 231,327 516,338 285,429 4,273 5,076 6,140 3,254 301 0.9348 

2023 - Mar ................... 193,335 246,044 515,985 269,081 12,526 9,618 8,752 7,034 -13 0.9198 

 June ................. 164,847 231,509 495,258 243,895 9,234 5,579 8,734 10,274 -518 0.9158 

74
INTRODUCTION: Exchange Stabilization Fund

 To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934, codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

 Subsequent amendment of the Gold Reserve Act 

modified the original purpose to reflect termination of the 

fixed exchange rate system. 

 Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020, as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021, the Infrastructure Investment and Jobs Act, 2021 and 

the Fiscal Responsibility Act, 2023, subsequently rescinded 

$479 billion $1.4 billion, and $200 million, respectively, of 

the $500 billion appropriation provided to Treasury. 

 Resources of the fund include (a) Fund Balance, which is 

available to support adjustments to loan and investment 

subsidy costs, repay borrowing from Treasury for loans and 

investments and expenditures for administrative expenses in 

support of the CARES Act, (b) U.S. Government securities 

(dollar balances), (c) special drawing rights -SDRs, (d) 

foreign currency holdings and (e) Investments is Special 

Purposes Vehicles. Principal sources of revenue -+ or cost -- 

for the fund are gains-+ or losses -- on SDRs and foreign 

investments, and interest earned on U.S Government, 

foreign securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and net

position of the fund. The figures are in U.S. dollars. 

Amounts and transactions pertaining to foreign currencies 

and SDRs, an international reserve asset created by the 

International Monetary Fund (IMF), have been converted to 

U.S. dollars based on current exchange rates computed 

according to the accrual method of accounting. Investments 

and loans receivable are reported at fair value. Unexpended 

Appropriations Funds from Dedicated Collections represents 

the original capital appropriated to the fund by Congress of 

$2 billion, minus a subsequent transfer of $1.8 billion to pay 

for the initial U.S. quota subscription to the International 

Monetary Fund. Unexpended Appropriations Funds from 

Other than Dedicated Collections represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021, the Infrastructure 

Investment and Jobs Act, 2021 and the Fiscal Responsibility 

Act, 2023. Conversion gains and losses are reflected in the 

cumulative net income -+ or loss -- account. 

• Table ESF-2 shows net cost from operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Gains-+ or loss 

-- on foreign exchange” includes both realized and 

unrealized gains or losses. “Adjustment for change in 

valuation of SDR holdings and allocations” reflects net gain 

or loss on revaluation of SDR holdings and allocations for 

the quarter. “Gains and Losses on Investments in Special 

Purpose Vehicles and Loans Receivable” reflects the 

revaluation of the assets approved in the federal budget. 

CARES Act related administrative costs incurred in 

connection with the loans, and other investments are 

accrued. 

75
TABLE ESF-1—Balances as of June 30, 2023, and September 30, 2023 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and net position June 30, 2023 

June 30, 2023, 

through 

September 30, 2023 September 30, 2023 

Assets 

U.S. dollars: 

Intra-Governmental: 

Fund Balance................................................................... 2,186,160 (2,124,718) 61,442 

U.S. Government securities............................................. 16,108,810 (1,408,701) 14,700,109 

Interest Receivable – Loans and Other Funds............... 736 (736) - 

 Total Intra-Governmental................................................. 18,295,706 (3,534,155) 14,761,551

Other Than Intra-Governmental 

 Special drawing rights (SDR) Holdings 1 ......................... 163,238,123 (81,493) 163,156,630 

 Economic Recovery Program Loans Receivable............ 943,929 (42,950) 900,979 

 Economic Recovery Program Investments..................... 14,150,509 963,574 15,114,083 

 Foreign exchange and securities: 

 European euro .................................................................. 11,418,933 (287,348) 11,131,585 

 Japanese yen.................................................................... 6,468,978 (214,887) 6,254,091 

 Total Other Than Intra-Governmental ......................... 196,220,472 336,896 196,557,368

Total assets ........................................................................ 214,516,178 (3,197,259) 211,318,919

Liabilities and capitol 

Intra-Governmental 

Debt, including accrued interest payable........................... 17,023,679 (2,087,631) 14,936,048 

Due to the General Fund ................................................... 40,949 4,725 45,674 

Other Liabilities .................................................................. 187,323 893,555 1,080,878 

 Total Intra-Governmental ........................................... 17,251,951 (1,189,351) 16,062,600

Other Than Intra-Governmental: 

 SDR certificates ................................................................. 5,200,000 - 5,200,000 

 SDR allocations ................................................................. 153,749,363 (1,679,513) 152,069,850 

 Other .................................................................................. 811 (119) 692 

 Total Other Than Intra-Governmental ........................ 158,950,174 (1,679,632) 157,270,542

 Total Liabilities ................................................................. 176,202,125 (2,868,983) 173,333,142

Net Position: 

 Funds from Dedicated Collections (Consolidated)............ 200,000 - 200,000 

 Funds from Other than Dedicated Collections 

(Consolidated) 29,333 (2,868) 26,465 

 Total Unexpended Appropriations........................... 229,333 (2,868) 226,465 

 Cumulative Results of Operations 

 Funds from Dedicated Collections (Consolidated)............ 38,085,481 (309,705) 37,775,776 

 Funds from Other than Dedicated Collections 

(Consolidated) (761) (15,703) (16,464) 

 Total Cumulative Results of Operations ................. 38,084,720 (325,408) 37,759,312

 Total Net Position ...................................................... 38,314,053 (328,276) 37,985,777

Total Liabilities and Net Position ............................. 214,516,178 (3,197,259) 211,318,919

See footnote on the following page. 

76
TABLE ESF-2—Statement of Net Cost 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

 July 1, 2023, 

through 

 Sept. 30, 2023 

Fiscal year to date 

Oct. 1, 2022 

through 

Sept 30, 2023 

Exchange Stabilization (+) or net charges (-) on: 

Gross Cost 

 Interest Expense on Special Drawing Rights and Remuneration....................... 1,564,986 5,225,821

International Monetary Fund Annual Assessment and Other........................ 854 2,086

Losses on Currency Valuation and Other 

 Special Drawing Rights Holdings....................................................................... 3,441,844 8,214,264

 Special Drawing Rights Allocations.................................................................... 1,490,238 11,795,270

 Foreign Currency and Foreign Currency Denominated Assets.......................... 362,372 1,768,479

 Other Investment................................................................................................ 453,740 1,001,490

 Total Losses on Currency Valuation and Other....................................... 5,748,194 22,779,503

 Total Gross Cost.......................................................................................... 7,314,034 28,007,410

Less Earned Revenue 

Interest Income 

 Nonmarketable U.S. Treasury Securities........................................................... (214,278) (768,558)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (11,322) (79,815)

 Special Drawing Rights Holdings....................................................................... (1,669,106) (5,529,219)

 Other Investments.............................................................................................. (54,227) (105,588)

 Total Interest Income.................................................................................. (1,948,933) (6,483,180)

Gains on Currency Valuation and Other 

 Special Drawing Rights Holdings....................................................................... (1,582,210) (12,411,386)

 Special Drawing Rights Allocations.................................................................... (3,222,899) (7,735,419)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (116,028) (2,216,117)

 Other Investment................................................................................................ (132,308) (1,141,675)

 Total Gains on Currency Valuation and Other............................................... (5,053,445) (23,504,597)

 Total Earned Revenue................................................................................... (7,002,378) (29,987,777)

 Total Net Cost (Income) of Operations – Exchange Stabilization................. 311,656 (1,980,367)

Economic Recovery Program (+) net charges (-) on: 

Gross Cost 

 Interest Expense on Debt.................................................................................. 35,708 154,168

 Administrative Expenses................................................................................... 2,812 7,337

 Cost of Investments in Special Purpose Vehicles and Credit Program 

 Receivables..................................................................................................... 

 (1,060,786) (1,841,198)

 Total Gross Cost.......................................................................................... (1,022,266) (1,679,693)

Less: Earned Revenue 

 Interest Income on Uninvested Funds................................................................ (14,883) (15,619)

 Interest Income on Credit Program Receivables................................................ (25,984) (87,622)

 Facility Fee Income............................................................................................ - -

 Gains on Investments in Special Purpose Vehicles and Credit Program 

 Receivables........................................................................................................

 139,356 82,915

 Total Earned Revenue................................................................................. 98,489 (20,326)

 Total Net Cost (Income) of Operations – Economic Recovery Program (923,777) (1,700,019)

 Total Net Cost of Operations...................................................................... (612,121) (3,680,386)

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 

77
Trust Funds

78
TABLE TF-6A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and mass 

transit accounts, respectively, include the latest estimates 

received from Treasury’s Office of Tax Analysis for excise 

taxes, net of refunds.

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2024) .......................................................................................................... 119 

less: 

Cash balance (fiscal year 2024) ..................................................................................................................................................................................... 75 

Unfunded authorizations (fiscal year 2024) .................................................................................................................................................................... 44 

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)........................................................................................................................ 140 

Note—Detail may not add due to rounding. Reflects extension of authorized revenue 

collection and funding levels prescribed in P.L. 117-58. 

Note— 

48-month revenue estimate reflects FY 2024 Midsession Review projections.

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2024) .......................................................................................................... 55 

less: 

Cash balance (fiscal year 2024) ..................................................................................................................................................................................... 30 

Unfunded authorizations (fiscal year 2024) .................................................................................................................................................................... 26 

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)....................................................................................................................... 27 

Note—Detail may not add due to rounding. Reflects extension of authorized revenue 

collection and funding levels prescribed in P.L. 117-58. 

Note— 

48-month revenue estimate reflects FY 2024 Midsession Review projections.

79
Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

80
Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts

of outstanding long-term notes or bonds, rather than selling

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

81
Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 

82